The Federal Reserve won't start to scale back its massive quantitative easing bond-buying program this year, said former George W. Bush economic advisor Lawrence Lindsey.
"It's going to take a long, long time for them [the Fed] to hit their goals. I think we're going to be in a QE-type of situation for a while," he said on CNBC's "Squawk Box" Friday, after this week's decision by the central bank not to begin tapering its $85 billion a month in asset purchases.
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Fed policymakers are scheduled to meet next month and in December.
"I don't think they'll taper this year," predicted the Lindsey Group CEO. "If you go back and look at their own numbers, they were projecting 3.2 percent [GDP growth] for the second half of this year. We're going to be darn lucky to get to 2.2 percent."
Under that scenario, he said that "it's pretty hard to see how you're going to be tapering."
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"The Fed had the best of intentions," he continued. "It said 'if we get to this employment, if we get to this growth, we'll do it.' They didn't. They missed. They didn't do it."
After Wednesday's meeting, the Fed also revealed cuts in its projection for 2013 economic growth to a 2.0 percent to 2.3 percent range from a June estimate of 2.3 percent to 2.6 percent. The downgrade for 2014 growth was even sharper.