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.

[CommieCutter]

Worst president ever.

[paul51]

zero should put a call in to that little girl that was operating the lemonade stand. she knows more about business, finance and economics than the community organizer and the nitwits he collects.

[tobyhill]

Bush's unemployment average 5%, Obama’s average 10%. I remember the MSM ripping Bush when unemployment hit 6% in ‘03 but then it went down under 4.5% yet Obama gets a continual free pass with the “someone else’s fault”.

[CommieCutter]

“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.”

---

There’s nothing like a stat you cannot measure.

[CommieCutter]

“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.”

---

There’s nothing like a stat you cannot measure.

[YankeeReb]

Bush's unemployment average 5%, Obama’s average 10%. I remember the MSM ripping Bush when unemployment hit 6% in ‘03 but then it went down under 4.5% yet Obama gets a continual free pass with the “someone else’s fault”.

Oh yeah, and the MSM is still pushing that line whenever they talk about employment during the Bush years which is very seldom these days.

Oh for the good old days when Bush would continually rip Clinton for the mess he inherited </s>

[musicman]

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

[1010RD]

Outstanding satire.

In Rules for Radicals Alinsky focuses on satire as a most effective weapon, but he was priming guerrillas outside the ruling hierarchy.

What we’re watching is the guerrillas running the place and they’re making a mess of it. They know how to protest, but not lead.

[tobyhill]

I'm sure a lot of people forgot how Bush did stimulate the economy, gave tax rebate checks. The only problem was when congress gave the rebates to everyone, including non-taxpayers. It did stimulate the economy but because of giving money to non-taxpayers it also increased the debt.

[Siena Dreaming]

What did they expect? They followed FDR's big spending model.

And unemployment under him stayed high year after year after year...

[existtoexcel]

stuck at 9.5 percent.

That is BS too. If they are willing to post and admit to that number, it's guaranteed to be twice as bad in the real world.

Liar; obama

cheater; feds

thief; congress

con artist; msm

distraction: hollywood

[TheRevolution1776]

off topic but anyone notice that most photos of Bush 2 involved smiling often yet this guy O is always angry ? Compare notes and let me know.

[tobyhill]

Sometimes a dose of reality can make one angry.

[exDemMom]

Many economists agree that Obama's stimulus package probably saved millions of jobs, but the recession was far worse than Romer predicted.

I suppose if you are still working, your job is in the "saved" category.

[fullchroma]

Girls can’t do math.

[jimbo123]

[jimbo123]

Muslims hate women.

[SpaceBar]

it's guaranteed to be twice as bad...

A frequent guest on coast to coast and economist whose name escapes me has said that if you tally up the true unemployed number in the workforce the number goes up to the high teens to low twenties.

[cookcounty]

These are the same economists that predicted that recovery would be robust by LAST August.

Economists. What a schtick. If you’re right half as often as your plumber is about the economy, you’re lauded as “brilliant.”

[cookcounty]

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

Hmmm.....should be:

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