White House predicts 3.5% growth by year’s end.

I’m sure that they mean well.

The White House is promising solid economic growth by the end of this year:

White House Sees 3.5% Growth by Year-End, Exceeding Forecasts

May 11 (Bloomberg) — The Obama administration projected that the U.S. economy will expand at a 3.5 percent annual rate by year-end, a rebound that would be almost twice as strong as private forecasters expect.


As early as the end of this year, GDP may rise at a 3.5 percent annual rate, the same pace projected for all of next year, helped by a $787 billion stimulus package, the administration said in the report today. That’s more optimistic than the 1.8 percent fourth-quarter growth estimate in the monthly Blue Chip Economic Indicators survey released May 10.

Of course, this White House promised ‘only’ a $1.2 trillion dollar deficit this year; it’s now going to be $1.8 trillion, and probably rising. And it calculated an 8.1% unemployment rate for 2009 (last month’s was 8.9%, thanks largely to government seasonal work*). And then there’s this (via here): Continue reading White House predicts 3.5% growth by year’s end.