Economist Christina Romer regrets saying jobless rate would stay below 8 percent (Obama's fault)

washington post ^ | 8/6/2010 | Lori Montgomery

[tobyhill]

As she prepares to step down as President Obama's chief economist, Christina Romer said Friday that she wishes she could redo one of her first official acts for the president: last January's forecast that a big shot of federal spending would save millions of jobs and keep the unemployment rate under 8 percent.

The forecast was wrong. Many economists agree that Obama's stimulus package probably saved millions of jobs, but the recession was far worse than Romer predicted. Unemployment has soared and is stuck at 9.5 percent.

Republicans campaigning to regain control of Congress have seized upon Romer's report as exhibit A in their case against the $862 billion stimulus package, arguing that the money was wasted and that Obama's economic policies have failed. The release of the latest jobs numbers Friday brought a hail of fresh GOP criticism of the measure "that was meant to keep unemployment below 8 percent," as Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement.

[1010RD]

Wait a minute! Obama never said that Christina did and if he did say it it was because Christina told him to.

Now she’s fired and we can start fresh again.

Obama: “Having inherited the worst economy since the Great Depression from Bush...”

[Ann Archy]

They KNEW it was a LIE when they said it!! TYPICAL CRAP.

[Recovering_Democrat]

[jessduntno]

“Many economists agree that Obama’s stimulus package probably saved millions of jobs...”

Many economists are softer than shite, too.

As Master Chief Duntno used to say ... “figures lie when liars figure.”

[1010RD]

Obama: It's Not My Fault

[YankeeReb]

I remember leading up to the first "stimulus" when unemployment was still < 8% but rising. Back then, every conservative commentator said that there was no way doing the stimulus would keep unemployment below 8% and it would aggravate a worsening situation. Yet The regime's chief economist insisted that it would be the end of western civilization unless the stimulus was passed yesterday.

Fast forward one year and who's right, 0bie's hotshot economist with all the degrees or the people who stepped back and just applied a little common sense and said this stimulus was a load of CRAP being forced on the American people.

Watch for the same thing to play out with health care in 2014 once it's fully implemented.

[tobyhill]

Obama was claiming he was inheriting the worst recession since the Great Depression yet also from the beginning his staff was saying unemployment wouldn't go above 8%. Obama is in way over his head and his policies have made a usual recession cycle into much worse, a bankrupt America.

[tflabo]

Whatever happened to the cutting taxes and reducing spending proven method? Oh, its Democrats running the show and doing those things are against their religion of Big Government fixes all. Can’t let that ‘conservative idea’ be proven true again. Yes, thats why they don’t employ it! Power mad Lunatics!

[BigSkyFreeper]

As she prepares to step down as President Obama's chief economist, Christina Romer said Friday that she wishes she could redo one of her first official acts for the president: last January's forecast that a big shot of federal spending would save millions of jobs and keep the unemployment rate under 8 percent.

But that's not the reason she's stepping down.  Larry Summers is a horse's rump and the rest of the Wizard's of Smart are a bunch of elitist, incompetent, members of the academia community who have never owned or ran anything in the private sector, and Little Lotta was just one of the bunch.

There are so many incompetent and elitist rubes in this administration who don't even have so much as a Nobel Prize in Economics.

I would argue that in between his naps at policy meetings, that Summers is not keen on discussing anything with women he's surrounded with.  I think Obama has surrounded himself with sexist pigs.

[rbosque]

I’m an economist and I say Romer and Obama are full of crap! Romer was the economist Obama hired??? Why didn’t he just hire Krugman? Or better yet Marx?

I can tell you Obama did save those jobs——only they were gov’t and union jobs! Not jobs that matter! He doled out the “stimulus” cash to all his friends. Yet people buy into the vomit that comes out of his mouth. Incredible.

[cripplecreek]

If she really regretted it she wouldn’t be headed to California to teach economics.

[Recovering_Democrat]

Many economists agree that Obama's stimulus package probably saved millions of jobs...

WASHINGTON POST PROPAGANDA BULLCRAP!

Hundreds of economists (including Nobel laureates) took out a full page ad in national newspapers saying the stimulus was a ENORMOUS MISTAKE!

Hussein was wrong. Ballerina boy Rahm was wrong. Axeldork was wrong. BiteMe was wrong. Romer was wrong. Little TaxCheat Timmy was wrong.

Rush Limbaugh was RIGHT.

[dr_lew]

Unemployment has soared and is stuck at 9.5 percent.

That's an oxymoron. Before anyone tries to justify it, let me point out that the term does not imply a logical contradiction, but a uniting of opposite qualities. Oxymoron literally means "sharp dullness". Here we have "soared ... stuck".

[cranked]

“Summer of Recovery Thrown Under the Bus Event” ....Romer, welcome to the ‘under the bus’ club....

[zwerni]

“Many economists agree that Obama’s stimulus package probably saved millions of jobs”

oh really? and how many? i am sure many many many many more economists feel the opposite.

[KansasGirl]

Excellent post!

[1010RD]

Sadly, he and his cronies will leave with the loot.

You, your children and their children’s children will be paying for it.

[CommieCutter]

“Economist Christina Romer regrets saying jobless rate would stay below 8 percent”

---

Well, too bad you were stupid. I’m not an economist, and have a 2 year half-ass degree, and I knew this would not be the case.

Thanks talk radio and FR!

[CommieCutter]

Worst president ever.