Posted on 09/03/2010 7:18:17 AM PDT by truthandlife
Christina Romer, the departing chair of the White House Council of Economic Advisors said America’s economic “turnaround has been insufficient.” She added that the current 9.5 percent unemployment rate is “an unacceptable level by any metric.” Romer also admitted that her prediction that the American Recovery and Reinvestment Act (ARRA) would bring unemployment down to 8 percent was “so far off.”
“Employment went from falling at a rate of 700,000 jobs per month to growing at the beginning of 2010. These swings from horrifying negatives to positives are a testament to the speed and effectiveness of the policy response,” she said during her final speech as the President’s chief economic advisor at the National Press Club on Wednesday.
“Compared to the problems we face, the turnaround has been insufficient. Though the unemployment rate has come down six-tenths of a percentage point, it is still 9-and-a-half percent--an unacceptable level by any metric. Real GDP is growing, but not fast enough to create the hundreds of thousands of jobs each month that we need to, to return employment to its pre-crisis level.”
Romer admitted that her original prediction of unemployment not exceeding 8 percent if Congress passed the $787 billion Recovery Act was “so far off.”
(Excerpt) Read more at cnsnews.com ...
Barack 0bama was just on TV saying that we’re going in the right direction.
Right.
This should be breaking news. A liberal actually admitting they are wrong.
“Growing again?” Private sector employment was down 10,000 last month. That hardly equates to growth unless you keep score like Democrats and call reduced losses growth.
700,000 a month unemployment to TWO MILLION unemployed each month.
Yes, they created sooo many jobs with their stimulus.
Singed,
Obama, Democrat Congress, and complete Cabinet and staffs
This is such a bogus argument. Yes, in December of 2008, about 750,000 jobs were lost.
But that was one month, a month in which businesses and employers realized that Democrats were going to have significant margins in both houses of congress, in the Executive and in the courts.
Business hunkered down during this time and refused to hire.
There is no evidence whatsoever, that this would continue forever. Government policy had nothing to do with it.
But liberals like Romer can not see the reality - they don't understand human behavior.
So far off...the ACTUAL target that you “unexpectedly” noticed we were shooting the American people in the foot!
The list, ping
Let me know if you would like to be on or off the ping list
No one has pointed out the fact that the unemployment rate was higher BEFORE the stimulus package.
As a small business owner, I see the stimulus as another ‘bill’ from the federal government that I’ll have to pay for later.
But liberals like Romer can not see the reality - they don’t understand human behavior.
We are but ants in a world of grasshoppers.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.