Here are some numbers:
Current Unemployment Rate: 9.5%

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000

Jobless Claims: 37,000 + increase

http://www.reuters.com/article/idUSTRE66L26I20100722

Home Foreclosures are up

http://www.housingwire.com/2010/07/16/bofa-nonperforming-loans-foreclosures-up-15-from-a-year-ago

“U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can’t be solved through minor changes,” Congressional Budget Office (CBO) Director Douglas Elmendorf told reporters at a Christian Science Monitor breakfast.

“Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth,” Bernanke said in a speech, regarding the Budget.

http://thehill.com/blogs/on-the-money/budget/91161-congressional-budget-office-fiscal-policy-is-unsustainable

Here are some quick notes on the Obama budget.

* 2008 Deficit was $454.8 Billion. It was the largest deficit in Bush Admin.
* 2009 Deficit is $1.41 Trillion. That is a 210% increase from 2008.
* CBO predicts president’s budget to lead to $1.5 Trillion deficit in 2010 and $1.36 Trillion in 2011.
* CBO Baseline Predicts deficit for 2010 to be $1.35 Trillion and $995 Billion in 2011.
* Under President’s budget, we will not see a single deficit under $700 Billion – ever. Under Baseline, we will never see a deficit under $400 Billion.
* Under President’s Budget, the deficit in 2020 will be $1.2 Trillion. More than $9 Trillion added to national debt, over next decade.
* Baseline CBO prediction says deficit in 2020 will be $683 Billion and more than $5.9 Trillion added to national debt in next decade.
* In 2008, the deficit was 3.2% of the GDP. The deficit is now 9.9% of the GDP.
* President’s budget will lead to deficit being more than 10% of GDP in 2010 and 8% of the GDP in 2011.
* Baseline CBO prediction says deficit will be 9.3% of GDP in 2010 and 6.6% of GDP in 2011

SOURCES:

CBO Historical Tables http://www.cbo.gov/ftpdocs/100xx/doc10014/March2009_HistoricalTables.pdf

CBO President’s Budget and Tables/Baseline Predictions http://www.cbo.gov/ftpdocs/112xx/doc11231/03-05-apb.pdf
I see tax hikes in 2011, leading to a double-dip recession. Bush Tax Cuts are expiring, Obama Care has tax hikes in it, and deficit spending is unsustainable. Not to mention our economy is already weak.
I can’t give my entire opinion on here, so if you’re interested, just go to: http://albertsamerica.wordpress.com/2010/05/18/economic-outlook-2010-and-beyond/

Real unemployment now stands at 18.2% which is up from 17.4% in January and down from 19.2% in May. Consequently the unemployment rate has virtually remained unchanged with the exception of the rise of .8% over January. To take the Dept of Labor adjusted figures that do not count those who have exhausted their unemployment fund is forgetting nearly 10% of our unemployed.
Our national debt now stands at $13.2 Trillion, our federal budget deficit stands at $1.4 Trillion, bankruptcies in 2010 alone, 1.4Million, foreclosures over 972K (2010), unfunded liabilities are $ 109.7 Trillion and our GDP is 91.5%.
There are those who will compare the GDP to previous administrations, but that was to fund a war which once paid for ends that expense. Our spending today is on never ending entitlement systems that have no final payment, but keep accruing debt year after year.
With all of the applied data, unless there is a serious change in tax and spend policy, there will not be a double dip recession, but an extremely serious depression. To make matters worse, the world economies are so closely tied that if we go we will take the rest down with us into a world wide depression. All of the projections by the CBO are dependent on the business structure remaining at least stable in the next two years, but too many small businesses are already near failure with more to follow. If they fail (they, collectively, are the largest employer in the US), the projections from the CBO will be rendered useless. The insurance costs of health care taxes and cap and trade if passed will push many of them over the edge to bankruptcy.
This economy will not improve for quite some time unless Washington relieves business of the undue burdens placed on them by excessive taxes and regulation.
2011 at best will be a repeat of 2010, but likely worse which may lead into depression as early as 2012.

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