Obama’s Shame: Part 2 of 3
Published By: American Freedom By Barbara on August 24, 2011
By BARBARA ESPINOSA
State Of Disappointment …
Part two of three
While Obama Begins His Vacation On Martha’s Vineyard, Americans Continue To Lose Jobs And Hope In The President
THE DISAPPOINTING JOB NUMBERS REFLECT THE DETERIORATING ECONOMIC SITUATION ACROSS THE NATION
Morgan Stanley: America Is “Dangerously Close” To A Recession. “In its report, Morgan Stanley lowered its global growth forecast to 3.9 percent this year from 4.2 percent, and to 3.8 percent in 2012 from 4.5 percent. It also said the United States and Europe were “dangerously close” to a recession over the next 6 to 12 months.” (Mark Meimero, “U.S. ‘Dangerously Close’ To Recession – Morgan Stanley Report,” CNN Money, 8/18/11)
Moody’s:“Significantly Weaker” Prospects For The American Economy. “Moody’s analytics on Monday lowered its outlook for growth in the U.S. economy this year and next, saying it sees ‘significantly weaker’ prospects for the economy than just a month ago as the country struggles to avoid another recession.”(“Moody’s Lowers US Economic Outlook Through 2012,” The Associated Press, 8/15/11)
Mark Zandi, Chief Economist For Moody’s: The Economy Will Not “Add Jobs Fast Enough To Keep The Unemployment Rate Stable.” “‘The odds of a renewed recession over the next 12 months, already one in three, will increase if stock prices continue to fall,’ Mark Zandi, chief economist for Moody’s Analytics, says in the report. He said the economy must grow 2.5 percent to 3 percent a year to add jobs fast enough to keep the unemployment rate stable –something that won’t happen soon.”(“Moody’s Lowers US Economic Outlook Through 2012,” The Associated Press, 8/15/11)
Federal Reserve Bank Of Philadelphia: “Growth In The U.S. Economy Is Predicted To Be Slower In The Short Run Compared To The Forecast Of Three Months Ago.” “Growth in the U.S. economy is predicted to be slower in the short run compared to the forecast of three months ago, according to 37 panelists surveyed by the Federal Reserve Bank of Philadelphia. Our panelists expect real GDP to grow at an annual rate of 2.2 percent this quarter, down from the previous estimate of 3.4 percent. On an annual-average over annual-average basis, the forecasters have also revised downward their forecasts of real GDP growth. The forecasters see real GDP growing 1.7 percent in 2011, down from their prediction of 2.7 percent in the last survey. The forecasters predict real GDP will grow 2.6 percent in 2012, 2.9 percent in 2013, and 3.1 percent in 2014.” (Tom Stark, “Third Quarter 2011 Survey Of Professional Forecasters,” Federal Reserve Bank of Philadelphia, 8/12/11)
“The Outlook For The Labor Market Has Deteriorated.” “The outlook for the labor market has deteriorated. Unemployment is projected to stand at an annual average rate of 9.0 percent in 2011, 8.6 percent in 2012, 8.1 percent in 2013, and 7.6 percent in 2014; each is higher than the forecasts from the last survey.” (Tom Stark, “Third Quarter 2011 Survey Of Professional Forecasters,” Federal Reserve Bank of Philadelphia, 8/12/11)
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