Tonight I’m gonna party like it’s 1929.
Economic growth in the United States will remain depressed over the next two years even if Congress and the White House find a way to avoid the “fiscal cliff” of tax increases and spending cuts at the end of the year, the International Monetary Fund (IMF) said Tuesday.
The IMF’s annual report on the U.S. economy forecasts “modest” 2 percent gross domestic product growth this year and 2.3 percent growth next year. The unemployment rate, according to the IMF, will be 8.2 percent this year and 7.9 percent in 2013.
The report also reflects fears that the U.S. recovery is losing steam. In April, the IMF had predicted slightly higher growth of 2.1 percent for 2012 and 2.4 percent for 2013.
Of course there’s a silver lining for Obama: They endorse him anyway.
While the numbers are ominous for President Obama’s reelection campaign, the IMF report also contains an upside for the president: The IMF essentially backs Obama’s “balanced approach” to the nation’s economic woes.
Clearly there’s no level of misery we won’t be forced to endure under this disaster.
Things could get worse because the United States is “vulnerable to contagion” from the euro debt crisis and from the fiscal cliff. If the automatic spending cuts and tax increase take effect as scheduled in January, the IMF says it is possible that GDP growth will enter negative territory.
Not to mention the crushing burden of ObamaCare. We don’t have long. He may actually accomplish complete destruction of the economy in one term.