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CBO Revises 2014 DOWN
When the economy shrinks substantially over the course of an economic quarter, tepid recoveries tend to look, well, tepid. The nonpartisan Congressional Budget Office has slashed its predictions for US economic growth in 2014:
The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year.The new assessment was considerably more pessimistic than the Obama administration's, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter...Even with the [Q2] rebound, economists have lowered their outlook for the entire year, given the weak start. Economists at JPMorgan Chase are forecasting that the economy will grow by 1.9 percent this year, when measured from the fourth quarter, down from 3.1 percent in 2013.
US Gross Domestic Product grew at a sluggish 1.9 percent rate in FY 2013. The new 2014 forecasts reflect the ongoing reality of America's historically weak economic recovery under President Obama. Policies matter. The CBO also updated its projections on annual deficits and the national debt. The latter measure has ballooned by $7 trillion and counting since Obama took office, far eclipsing the debt accrual of all other presidents. The bookkeepers determined that this year's deficit will exceed half-a-trillion, an improvement over Obama's abysmal baseline, but that trouble lies ahead. Reason's Peter Suderman summarizes the latest findings:
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