CBO: Recession will end in second half of 2009

From The Budget and Economic Outlook: Fiscal Years 2009 to 2019 (pdf):

The Economic Outlook

CBO anticipates that the current recession, which started in December 2007, will last until the second half of 2009, making it the longest recession since World War II. (The longest such recessions otherwise, the 1973–1974 and 1981–1982 recessions, both lasted 16 months. If the current recession were to continue beyond midyear, it would last at least 19 months.) It could also be the deepest recession during the postwar period: By CBO’s estimates, economic output over the next two years will average 6.8 percent below its potential—that is, the level of output that would be produced if the economy’s resources were fully employed (see Figure 1). This recession, however, may not result in the highest unemployment rate. That rate, in CBO’s forecast, rises to 9.2 percent by early 2010 (up from a low of 4.4 percent at the end of 2006) but is still below the 10.8 percent rate seen near the end of the 1981–1982 recession.

Notice that the GDP will drop to 14,224 Billion in 2009.  This is 1.9% or $63 billion drop from 2008.  Obama and the Democrats want to solve this with a $1 Trillion "Stimulus", which the CBO previously stated would do more harm than good to the economy.

Click the chart to enlarge

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