Both projected unemployment and economic growth rates will be worse than previously forecast. Unemployment will still be well above 8 percent at the time of next year’s election. Growth will be sluggish through 2012.
PROSPECT.ORG
Robert Kuttner
Bad Economic News : Will It Discredit Austerity Economics ?
August 24, 2011
Bad Economic News : Will It Discredit Austerity Economics ?
Some excerpts :
The economic takeaway :
Austerity will feed on itself.
Failure to repeal the Bush tax cuts will only make the fiscal situation worse.
The political takeaway:
Expect lousy economic conditions to continue through the election.
The winning party next year will be the one that successfully pins the bleak economy on the losing party.
Obama has the better hand, but Republicans continue to play a weak hand well.
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