The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

NEW CBO Estimate: 2.3 million more to lose jobs.

Posted by iusbvision on August 30, 2009

Via Hotair.com:

There is no disagreement, however, about the net directional effect of the two. CBO and OMB project a weaker economy in the remainder of 2009 and in 2010 than they projected at the beginning of this year before enactment of the stimulus.

How much weaker?

Based on CBO’s forecast for the average unemployment rate in calendar year 2010, 2.3 million fewer people will be employed on average next year than they projected in January.

For comparison, in July there were about 140 million people employed in the U.S.

Next year’s reality will depend heavily on when the economy turns up and how quickly growth returns. A new projection of fewer people employed next year should not surprise anyone. But 2.3 million is a big bad number.

Allahpundit asks:

Exit question: CBO’s projected average unemployment rate next year is 10.2 percent. How many jobs would we be talking about if they used the “real” unemployment rate, which includes discouraged workers and those who are working less than they’d like? According to the chairman of the Atlanta Federal Reserve, that one currently stands at … 16 percent and counting.

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