The View From 1776
Friday, January 29, 2010
Congressional Budget Office Foresees Long, Slow Recovery
Congressional Budget Office officials forecast official unemployment averaging above 10 % this year and in 2011. Actual unemployment, including people who have stopped looking for jobs, is close to 17%.
Annual budget deficits, already at unprecedented high levels, will be greater than $1 trillion for years to come. The president’s recently proposed budget freeze will amount to very little, prospectively reducing budgeted Federal spending increases from 45% to 44.3% over the next ten years.