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.