Where “what was originally a frightening oral tale became a cozy family story with only a hint of menace”, the economy now becomes capital crime and assault. Mother Hubbard got knocked down on the way home.
White House officials have decided not to release updated economic projections this summer, opting against publishing forecasts that would almost certainly codify an administration assessment that the coronavirus pandemic has led to a severe economic downturn, according to three people with knowledge of the decision.
The White House is supposed to unveil a federal budget proposal every February and then typically provides a “mid-session review” in July or August with updated projections on economic trends such as unemployment, inflation and economic growth.Budget experts said they were not aware of any previous White House opting against providing forecasts in this “mid-session review” document in any other year since at least the 1970s.
White House is throwing up its hands and opting not to provide routine mid-year economic forecast. Banks and other major companies don't have that luxury and seem to manage https://t.co/kWD5ECbtfx— Steve Daniels (@stevedaniels27) May 28, 2020
THE DOCUMENT WOULD BE SLATED FOR PUBLICATION JUST A FEW MONTHS BEFORE THE NOVEMBER ELECTIONS.
“It gets them off the hook for having to say what the economic outlook looks like,” said Douglas Holtz-Eakin, a former director of the Congressional Budget Office who served as an economic adviser to the late senator John McCain (R-Ariz.).
The Trump economy in 2017 was described as a “goldilocks economy”.