Newsletter
Americans Discover a Way to Avoid the Nine Trillion Dollar Buget Deficit and Ten Percent Unemployment Due by 2010
Date: 09/02/2009By Len Galvin
September 2, 2009 -- Christina Romer, President Obama’s economic advisor, put it simply: “This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter.”
With revised numbers, both the White House Office of Management and Budget and the Congressional Budget Office released new estimates that paint a much bleaker picture of America’s future economic condition.
Both forecasts predict a record $1.6 trillion budget deficit this year – more than triple the 2008 deficit, which itself set a record at $455 billion.
By 2010 the White House sees the deficit hitting $9 trillion. The CBO estimate is less at $7.14 trillion, but adds that the budget is on an “unsustainable path” due in large part to rising health care costs and an aging population.
Both the White House and the GBO also foresee a10 percent unemployment peak in 2010.
Millions of Americans have already moved abroad, many to escape the one-two punch of falling wages and job prospects and skyrocketing health care costs.
No estimates are available of how many more Americans will leave the country in the next few years. But with countries like Mexico, Panama, Ecuador, Uruguay, Brazil and a host of others offering lower costs of living and more affordable health care systems, the numbers will almost certainly increase as economic conditions in the U.S. deteriorate.
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