According to ABC News (part of the mainstream media that very reluctantly reports anything negative toward the obama regime), the economic recovery is set to fade as government supports dry up. Maybe that’s why Speaker Pelosi wants to borrow $26 billion just now to pay for state government jobs in states favorable to the obama regime who are bankrupt. It will keep the unemployment rate under 10% through mid-term elections.
The monthly Blue Chip poll of leading economists showed nearly 70 percent had lowered their economic growth forecasts in the past month. “Waning federal fiscal stimulus and smaller contributions to growth from business inventories are widely expected to weigh on GDP growth going forward,” Blue Chip said.
The Federal Reserve board members may have a gloomier outlook for the US economy this summer than they did in the spring. The released minutes from the last meeting of the FOMC members on June 22 -23 show that expectations for both economic growth and price inflation have been revised downward for the remainder of this year and 2011.