NEW YORK (Reuters) - President-elect Barack Obama called for urgent passage of a stimulus package to reinvigorate a faltering economy that saw unemployment hit a 14-year high on Friday while U.S. automakers reported billions in losses.
When the S&P, always so conveniently ahead of the curve, yesterday revised its forecast for Europe from growth in the second half of 2013 to 2014 one couldn't help but golf clap, as well as wonder if they finally started looking at the fundamental depressionary reality on the ground instead of the rating agency's infamous "models." A depressionary reality confirmed by the latest car sales number for May which just hit a fresh 20 year low.
On the one year anniversary of the passage of the ARRA, it seems appropriate to recap, not what the academics say, but what the business sector forecasters say about the impact of the stimulus package.
The Private Sector Forecasters
I can think of no better graphic to depict the bottom line that this one, originally posted in November.
President-elect Barack Obama pledged quick work Tuesday on an economic recovery plan to include tax cuts and increased federal spending, and told the nation's governors he wants their advice in designing a package to help their hardhit states.