Posted on 01/18/2009 2:03:53 PM PST by BGHater
Larry Summers, the incoming director of the National Economic Council, predicted Sunday that President-elect Obama would keep the unemployment rate below 10 percent.
“I think while we’re going to see substantial job losses, frankly what’s important about the president’s program here is that it is going to contain what would otherwise be just a vicious cycle,” Summers said on CBS’s “Face the Nation”. “People spend less, therefore, others earn less, therefore, they spend less.”
Summers said that Obama has received a “terrific response” from Congress on his plan for a massive stimulus to pump money into the economy mainly by investing in infrastructure, alternative energy, education and healthcare.
“We’re working hard and in collaboration with the House and the Senate. I expect the program will pass within a month,” Summers said. “Some of the adjustments can take place almost immediately as people see more income in their paychecks, as state and local governments will get support so that they can prevent lay-offs of teachers, policemen, other essential personnel. And there are a ton of shovel-ready projects that are out there that are out there that are being canceled right now that aren't going to have to be canceled when this program passes.”
Despite the incoming administration’s plans, Summers joined Obama and other officials in pointing out that things would get worse before they get better. The adviser said Sunday that there is little question that “the economy is going to decline for some time to come.”
Summers also stated that the Obama administration would handle the distribution of its half of the $700 billion from the Troubled Asset Relief Program much different than the government did under President Bush.
“The focus isn’t going to be on the needs of banks. It’s going to be on the needs of the economy for credit,” he said. “Whether it’s for housing to prevent foreclosures, whether it’s for automobile loans, consumer credit, small business, municipalities, the focus is going to be on credit. The focus will be on transparency.”
Huh? It’s comfortably below 10% now, and this is winter when there is traditionally a higher unemployment rate. Guess Bambi’s not promising much. What a loser.
....predicted Sunday that President-elect Obama would keep the unemployment rate below 10 percent.
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Now that is a very impressive credential. He can do that by spending TARP money on taxpayer-funded make-work which he will do.
This is supposed to impress us?
I’m predicting 17%, but the MSM will say it’s 6.
If a $trillion won’t do it, spend another $trillion and another and another. Heck’s bells, it’s only money.
Maybe he’ll put my governor in charge of fixing things up. Jenny Granholm has done such a fine job here.
And for his next policy achievement, 0bama will keep Rhode Island from seceding from the union.
It’s easy to be successful if you pick the right goals, folks. :-)
Can the asshole restore the destroyed US (and world) economy, which collapsed when the polls made it clear that he and his corrupt party would seize total control of the federal government?
If those 10% are all those career crooks -er - politicians out there, than for once I’m all for the Obamaloon.
By the way, I wonder if the loon can calculate 10% of 10.
Aw, what a frigging accomplishment.
ROFLOLOLOL Below 10%? The Media enabled the Democrats to start this free fall of the economy and now they have no clue on how to stop this situation they (THE DEMS/MEDIA) created.
Thanks a lot MAINSTREAM MEDIA for “NOT” doing the job you should have been doing, and reporting the REAL news, but instead you lied, lied, and lied along with covered up the truth in order to get your messiah elected.
Breaking News: “The Earth continues to rotate on its axis, thanks to Obama.”
Jimmah Carter II. It will be at least 15%.
After he parts the Red Sea.
How does "he" intend to do that?
Yeah, but it was "Bush's Fault" she didn't succeed. Isn't that the excuse she uses?
Cook the books?
Show me one instance where BO has created sustained growth! All I know, is the ground work is already place. History will be rewritten by the Liberal MSM to insure that BO gets all the credit for something he did not do.
Wanna bet? The Empty Suit In Chief and his merry band of nutjobs in congress are going to tank the economy. All the government spending in the world isn’t going to make a dent in the chaos and economic devastation they will create.
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