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Hosea 4:6 My people are destroyed for lack of knowledge…

Biden Admission: Obama Plan Doomed

Posted by truthpills on 2009/07/11

By Gerald Celente
7-8-9

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.”
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