* While a "recovery" (read: the end of "negative growth") is expected in the second half of this year, unemployment will continue to spike and will stabilize this year in excess of 10%.
* Unemployment's return to pre-Obama levels will likely take "several years" (read: when The Messiah is no longer in office).
* "Even if the economy returns to positive growth this year, the loss in output and income during this downturn will be huge" (note: even if - doesn't sound like we can expect a return to positive growth this year).
* The difference between "actual" and "potential" output of the economy (read: lost production) will exceed $1 trillion both this year and next, and "CBO’s forecast in August is likely to show even larger shortfalls in output over the next few years" (read: the brakes have effectively been put on the economy).
* "The current recession and its aftermath will be the most severe economic downturn of the postwar period."
* "Most experts also believe that persistent large deficits reduce capital accumulation and thereby slow the growth of output and incomes over time. Thus, the large deficits that CBO projects for the years after the economy has returned to full employment are more worrisome" (read: while the CBO is giving a grudging pass to the current $1.7 trillion deficit, it is sounding the alarm that the party can't go on forever, and Obama's spending is going to have to stop).
*"The sharp increase in debt this year and next raises the risk that investors might lose confidence in U.S. government debt as a safe haven" (read: hyperinflation has already started, and we can't trust the collective mainstream media of other countries to keep it a secret like our own home-grown fourth estate is pleased to do).
Odd that the mainstream media hasn't really made any of these points since the Director's testimony was just yesterday. Perhaps CBS and CNN and MSNBC do not know that the CBO director has a blog...?