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Christina Romer, who left her position on Friday as the chairman of President Obama’s Council of Economic Advisers, told Jake Tapper in a lengthy interview that this is not a usual recession and not a usual recovery. This is just one small part of the interview.
From ABC News
TAPPER: What can be done about the economy? Certainly these jobs numbers are not what was anticipated – the net loss in August. I understand that it’s 8 months of positive private sector job growth, but it’s not what you guys have been hoping for. Vice President Biden in April said that in a couple months we are going to see hundreds of thousands of jobs being created. We haven’t seen that.
ROMER: Right, so we do need to be careful that, you know, it was anticipated we’d have a negative number just because we’d known we were losing a lot of temporary Census jobs for these last couple of months. And certainly the 67,000 private sector jobs that have been created, that was a little bit more than certainly most market analysts were expecting.
But, you are absolutely right: it is not good enough. It is a sign of slow, steady recovery, but we need something better than that. And that’s certainly what the president said this morning in the Rose Garden and one of the things that I tried to talk about in a speech I gave earlier this week is the number of headwinds that are special to this recovery. This was not a usual recession, and it’s not a usual recovery. We are fighting against state and local governments that are having a very hard time, we have consumers who have been through a searing crisis and have lost trillions of dollars of wealth. So we are having to dig ourselves out of difficult circumstances and we’re going to have to think about tools we have to help the private sector come back more strongly.
Well the “recovery summer” is over and was a total bust. It doesn’t matter how you slice it, the Obama economic team was ill prepared to handle a recession. After throwing billions of taxpayer dollars at the problem all we have is an economy that is barely growing and a mountainous pile of debt that we will likely never get out from under.
Romer also refers to the headwinds created by state and local governments which have been forced to lay off employees as they started running out of money after years of profligate spending finally came back to bite them. It’s not as if this couldn’t have been predicted unless you were living in a cave which apparently Romer and her team were.
The smartest thing Romer did was resign before things got any worse. Based on the latest jobs numbers there still isn’t much hope on the horizon and with an election less than two months away it’s better to jump ship than go down with it.
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Don Irvine is Chairman of Accuracy in Media. He is active on Facebook and Twitter. You can follow him @donirvine to read his latest thoughts.
7 Comments for Former Obama Economic Adviser: “This Is Not A Usual Recovery”
“Houston Strategies” Group recently claimed that 70% of all the real new jobs created in the USA in the last few months, were created in Texas alone. One would have thought the Federal Govt should have been analysing this sort of thing and working out what some States are obviously doing wrong and others obviously doing right. But the findings might be inconvenient to their whole ideological direction.
[...] Posted By Don Irvine On September 5, 2010 @ 6:53 pm In Blog – Don Irvine | 2 Comments [...]
Obama seems more concened/interested in trashing the civil/constitutional rights of law abiding American citizens than in other, much more important matters, like the economy and perish the thought, the possibility of punishing those who played so large a part in messing it up, Wall Street Operators and Investment Bank Management, and then there is the large role played by what, in general, could be described as The Financial Sector, and it’s management and policy makers.
In order to allow the small businessmen and entrepreneurs to do what they do: invest, create jobs, and get the economy moving, they have to confident that they will understand to understand what the rules will be when the results occur of their investment decisions that they will be making now. With the current “leadership” in our government still believing that government creates jobs and believing that they need to punish successful businesses, the small businessmen and entrepreneurs will continue doing what they are doing now: hunkering down until the children in the top levels of government are tossed overboard, and the only ones who can do it are the voters. We the voters can start in November but we can’t finish the job for another two years. If Obama were able to learn a little bit like Clinton did in 1994, we might begin to recover but I doubt Obama is able to learn since he will still be reading the teleprompter prepared by the committed business-haters.
Whoa. This is from the chairman of President Obama’s Council of Economic Advisers? If Obama picked such an inept, pragmatically-challenged entity to chair his economic advisors, what does that say about his (Obama’s) eptness and pragmatism? Can the chief nut have fallen far from his scion acorn?
Please back-off our Apologist-in-Chief. He is in need of a vacation.
It’s not a usual recovery because the Dems still want to spend, tax and do everything they can to make Americans poor and dependent upon the government. Less than 10% of Obamas cabinet has ever held a job in the private sector, so they don’t understand economics because they have been on the dole all of their lives. As Ron White says, “You can’t fix stupid1″