Thursday, September 01, 2011

White House delays report hoping for good news. It does not arrive.

I got a chuckle at the very last paragraph of this story: "White House projects 9% jobless rate ahead of 2012 election"
The White House delayed released of the report, which was due in mid-July, as the debate over the debt limit and accompanying budget deal wore on. The delay caused a need to factor in new economic data released over the summer -- including downward revisions in the growth in gross domestic product -- and the result was a gloomier forecast than it would have issued based on information available in June.
So, basically, they were going "double down" on a reversal of fortune that didn't materialize, leading to the weekend-before-Labor Day news dump.

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