CBS News On The Economy

[Cush]

Economists Predict:

a 5.7% Growth in GDP Next Year

and 1 million new jobs next year

[Hawkeye-X]

1. Let me translate

A 5.7% Decline in GDP Next Year
and 1 million lost jobs next year.

How'd I do?

[ShimokitaJer]

6. and Bush will claim it's a victory

No matter what happened... that's what we had planned.

[frank frankly]

14. you did perfect!

we are upside down and inside out and all fucked up!!!

[okieinpain]

23. I wish they would say what kind of jobs they are expecting to be available

1 million new jobs at burger king, walmart, and jiffy lube is not going to do shit for me.

[Skittles]

2. in other words

SPEND SPEND SPEND

[treefrogjohn]

3. Back towards the starting point

Let's see, would that get us anywhere near where we were in 2000? I won't call it impressive until GDP is 15% higher than three years ago and we are back at 3% unemployment nationwide.

[durutti]

4. How?

How could they possibly predict such a thing at this point?

And another article said 4.5 percent. Which is it?

[DUreader]

5. Just Around the Corner

[Julien Sorel]

7. And here comes the Deanial.

Numbers are faked. Corporate shills. Numbers are wrong. Won't matter because we are running a revolutionary campaign, fueled by anger and latte, and no one cares about economics, anyway. Jobs are going overseas (Mondale tried it). Budget deficit (Mondale tried it). The Iraqi war (yeah, Dean is the man to run the Iraqi situation).

Victory in 2004 is assured -- don't worry. Ignore that man behind the curtain.

[Selwynn]

8. No kidding...

[T Roosevelt]

15. Oh just give it a rest

WTF do you have to bring any candidate (particularly Dean) into a discussion on the economy? Just let it go.

[Julien Sorel]

22. Because the Deanites are the most rabid 'Bush is a pushover'

component here. They have to be, of course, to take electability off the table.

[killbotfactory]

9. And Bush is seven feet tall...

I'll believe it when I see it.

[Selwynn]

10. The economy is turning around - its a mistake to sound shirll denying it

We've been hiring again, our company reported profit and strong indicators across the board last quarter, is not all fake.

Just because Bush isn't a good president and doesn't have good economic policy doesn't mean that the economy isn't showing actual signs of turnaround. We sound like stupiud trying to argue against good news.

[sendero]

13. I agree...

.... but what good news are we talking about here? Your anecdotal 1 company is hiring good news? One or two quarters of good GDP?

Sorry, but these rosy predictions have been coming out every quarter for 2 years. New unemployment claims have been UP for the last two periods. We are 3 million jobs behind, how long do you think it will take to catch up?

And those who think the stock market is more than loosely connected with reality should remember all of the people who lost 40-50% of their savings 2-3 years ago.

[tom_paine]

11. Sounds like more Bushevik Soviet-style Pravda

Been getting that alot lately here in the Empire.

[T Roosevelt]

12. I saw that - my first thought was WTFDTGTN?

as in Where The F*&^ Did They Get Those Numbers? Claiming the growth will be because of continued consumer spending. HAHAHAHAHAHA!!! Are they out of their minds?

[DBoon]

16. and the chocolate ration will increase 20%

doubleplusgood!

[Waistdeep]

17. But 1 million new jobs will be a WORSENING of employment

Aren't about 150,000 (+) new jobs needed each month just to account for the new workers entering the workplace? One million new jobs will mean that there will be 800,000 more unemployed at the end of the year.

+ Substitute your own number here. It's still a net loss for any number greater than about 83,000/month.

[TexasPatriot]

19. somewhat true

and with the additional financial pressures on the elderly they're working even longer - so 150k is probably a lowball. But, understand something else, that the actual 'unemployment figures' wont go up - because people will fall off the roles of the unemployed into the 'chronically unemployed' thus making the numbers look better than they truly are.

the media will crow about how great it is (except maybe Lou Dobbs, assuming he's still on his 'these new jobs suck' kick)

and a lot of people will still be working 60hr weeks out of fear because the job market will still suck (even though more people hate their jobs right now than dont)

But bush* will make the case that it's all getting better, and to you and me a disappointing number of people will believe him.

[West Coast Democrat]

18. One Million New Jobs Won't Be Enough

to bring down the unemployment rate to where it ought to be.

from
http://jobwatch.org/

The Bush Administration called the tax cut package, which was passed in May 2003 and took effect in July 2003, its "Jobs and Growth Plan." The president’s economics staff, the Council of Economic Advisers, projected that the plan would result in the creation of 5.5 million jobs by the end of 2004—306,000 new jobs each month, starting in July 2003. Although jobs increased by 57,000 last month, November 2003, the "Jobs and Growth Plan" still fell 249,000 jobs short of the administration’s projection. The administration projected that a total of 1,530,000 jobs would be created in the first five months after the tax cuts took effect. In fact, only 271,000 jobs were created over those five months for a cumulative shortfall of 1,259,000 jobs.

[Zomby Woof]

20. CNBC had different numbers

A crawler actually stated that no significant job growth is expected until late 2005.

LATE 2005, to emphasize. 2 years from now.

[West Coast Democrat]

21. That's Right!

There are too many people who would suddenly re-enter the workforce, and drive up unemployment rates, it the economy were to stage a long-term turnaround.

[Zynx]

24. If it grows 5.7% next year I will give them everything I own.

They're always off one way or the other. In 2001 they predicted 3.5% growth and in 1999 they predicted 1.6% growth.

[banana republican]

25. Just in time for the elections

and on Nov. 3rd the market will collapse.