- KINGSTON, NY -- Vice President
Joseph Biden's admission that the Obama Administration's economic recovery
plan was predicated on egregiously inaccurate forecasts consigns the entire
effort to failure, predicts Gerald Celente.
- "The plan is based upon false premises," said
Celente, Director of The Trends Research Institute, referring to White
House projections used to sell the stimulus package to the nation.
To make their case, Washington warned that without the Obama stimulus,
unemployment, then at 7.2 percent, would rise above 8 percent in 2009 and
peak at 9 percent in 2010.
- Yet, only midway through 2009, the unemployment rate
is already 9.5 percent and rising. "This is an enormous miscalculation,"
contends Celente. "In real world terms, it means that 2.5 million
more Americans than anticipated have lost their jobs. The inaccuracy
of the forecast undermines the validity not only of the
plan, but also of the planners."
- Joe Biden sidestepped blame, pleading "guilty with
an explanation." Weaseled Biden, "The truth is, we and everyone
else misread the economy."
- NO! "Everyone else" did not "misread
the economy." The Trends Research Institute read it correctly,
and has been reading it correctly for decades.
- "How often does the government have to be wrong,
and how wrong do they have to be before people and the media stop taking
them seriously?" wondered Celente. "The first spending
package didn't deliver as promised, and now Obama's advisors want
another stimulus, as if doubling up on failure will achieve success."
- "If we made forecasts as inaccurate as the
Obama team's and implemented similarly unsuccessful plans, and then
tried to salvage the situation by repeating exactly the same mistakes, we'd
have been laughed out of business long ago," Celente said.
- Celente contends there are but three possible explanations
for President Obama and his "brilliant" team of economic advisors
"misreading how bad the economy was":
- 1. They're ignorant, despite PhD's and impressive
- 2. They are so arrogant they are incapable of acknowledging
that anyone outside the incestuous Beltway circle could possibly get it
right ... when they've got it wrong.
- 3. They actually do know better, but are lying.
- "None of these suffice as excuses," concluded
Celente, "but the inability or unwillingness to make accurate forecasts
appears to be a Vice Presidential prerequisite." This past January,
departing VP Dick Cheney sloughed off his administration's central role
in accelerating the financial crisis and failure to head it off, claiming,
"Nobody anywhere was smart enough to figure it out."
- Anyone in the media interested in interviewing one person
who was "smart enough to figure it out" should talk to Gerald
- The Greatest Depression is at hand. The stimulus, bailout
and buyout packages being forced on the nation by an Administration that
"misread how bad the economy was" will only lead to "Obamageddon":
The Fall of Empire America.
- The Trends Research Institute
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