Most economists believe that economy is essentially going to be down for all of 2009 and will start to show some recovery as we go into 2010. Between now and then there will hopefully continue to be signs that we have bottomed here and there. Just coincidently Barry is now saying that that is when the stimulus will begin to take effect. Interestly the European economies seem to following the same cycle even though they refused to go along with Obama on the stimulus spending.
Biden now says that if unemployment goes to 10% it would have gone to 12 without the stimulus. If it goes to 11, then it would have been 13. How he knows this, we don't know and neither does he. He says that the Administration failed to grasp the seriousness of the financial situation they inherited. Holy Shoot, all we heard last January was that the entire country was in a submarine headed toward the bottom of the ocean and that this was the worse crisis since the Great Depression. Everyone was led to believe that their private parts would fall off within the month if the stimulus package was not passed. Now Joe Biden is saying that they should have been more concerned.
Okay fine.
When the economy begins to recover you will find that the European economy is recovering as well. Difference is, we will be a trillion or two in the hole from the various gimmicks.
Change you can believe in.
Obama says stimulus plan to kick in later this year | Reuters
Obama Stimulus Prediction
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