The economy will grow by less than 3% through 2012, and unemployment will remain above 8% until 2014, the non-partisan Congressional Budget Office projects.
In its semiannual update of budget and economic data, the agency — which serves as the official scorekeeper for President Obama and Congress — projects painfully slow progress on the economic front through next year's election and beyond.
Economic growth will remain slow but steady, it says, increasing by 2.3% this year and 2.7% next year. In a blog post on the agency's website, director Douglas Elmendorf notes those projections were made in early July — before financial market gyrations and some lackluster economic indicators.
Read it all.
To comment on this article: To article and comments
© 2013 Kendall S. Harmon. All rights reserved.
For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com