the Sugar Conspiracy 

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Tuesday, February 24, 2004 A reoccuring pattern President Bush last week caused a stir when he declined to endorse a projection, made by his own Council of Economic Advisers, that the economy would add 2.6 million jobs this year. But that forecast, derided as wildly optimistic, was one of the more modest predictions the administration has made about the economy over the past three years. Two years ago, the administration forecast that there would be 3.4 million more jobs in 2003 than there were in 2000. And it predicted a budget deficit for fiscal 2004 of $14 billion. The economy ended up losing 1.7 million jobs over that period, and the budget deficit for this year is on course to be $521 billion. These are not isolated cases. Over three years, the administration has repeatedly and significantly overstated the government's fiscal health and the number of jobs the economy would create, but economists and politicians disagree about why. Because the first announcement gets the press, while the backtracking or "clarification" usually doesn't. And by then, the American public has moved on, confident in the rosy outlook offered by the White House. posted by chris at 3:12 PM   ------------------

    

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