Skip to comments.White House Forecasts No Job Growth Until 2010
Posted on 05/10/2009 3:27:07 PM PDT by reaganaut1
President Obamas chief economics forecaster said on Sunday that the country was not likely to see positive employment growth until 2010, even if the economy began to grow later this year.
Speaking on C-SPAN, Christina Romer, chairwoman of the White House Council of Economic Advisers, said that she expected the G.D.P. to begin growing in the fourth quarter of this year. Ben S. Bernanke, the Federal Reserve chairman, made a similar prediction last week.
But Ms. Romer also said that she expected unemployment to rise even after the economy turns, saying that the G.D.P. has to grow at a rate of about 2.5 percent before unemployment will fall. Before that happens, she said, it is unfortunately pretty realistic that the unemployment rate could reach 9.5 percent. A reasonable estimate for the G.D.P.s growth rate in 2010, she said, is three percent.
Robert Reich, who served as labor secretary under President Bill Clinton and advised the Obama campaign, said on Sunday that the rate of growth would have to be higher 4.5 percent to reverse rising unemployment.
The economic recovery, Ms. Romer said, will be driven by business investment in sectors like renewable energy rather than consumer spending. She echoed the views of other economists who expect a long-term economic shift.
The chance that consumers are ever going to go back to their high spending ways is not very plausible, nor do I think they should, she said. We were a country that needed to start saving more.
(Excerpt) Read more at nytimes.com ...
It's sheer hypocrisy for an Administration running trillion dollar deficits to tak about the need "to start saving more". You first!
Since Obama has already destroyed $4.5 million jobs, he’s got a lot to make up before he can talk about growth.
And even then they're lying.
The only reason we are seeing a small strengthening of the economy right now is that the “stimulus” package included a tiny tax cut which, unlike the rest of the President’s program, has already gone into effect.
What happened to the thirty-one trillion new jobs that Bambi was going to create IF ONLY we passed Stimula-Lollapalooza?
Ah ha ha ha....that's funny.
More hippy dippy claptrap from people who can't do arithmetic.
Renewables have a place, but 2 new nukes in the U.S. the same size as Palo Verde will do everything the entire renewables industry will for the next 100 years, and for a fraction of the cost.
But don't expect the Liberal Arts fuzzies to go there, 'cuz they still think the China Syndrome is real.
They will come in 2912
>> They will come in 2912
Hmmm... that’s a little later than I was hoping.
Do you think Bambi is related to Joe Isuzu? OR maybe Jim Belushi the “liar guy” on SNL?
By the end of 2009, Zero should have about a net 6 million jobs lost on his watch.
It should be a layup for the GOP in ‘10 and ‘12 - even with the leftwing propaganda machine in tow.
I misspoke, --- Its 2911.
A little cheer.
Only if GOP has a true, conservative message.
The palpable venom is rather unpalatable to me.
Does anyone think this is acceptable?
It should be a layup, but they are buffoons.
He’s going to do everything possible to depress the economy until 2010. Then he’s going to start using the stimulus to ‘create jobs’ and ‘turn the economy around’ just in time for the elections.
It should be a layup for the GOP in 10 and 12 - even with the leftwing propaganda machine in tow.
They'll create 6 million new government jobs if they have to, so Katie and Matt and Merideth and Charlie and Wolf and Keith and Crissy and all of the other remoras that have their lips attached to the Kenyans half-black butt can all have unknown bodily fluids running down their legs as they gush over the pre-prepared, White House generated job numbers in the final months before the 2010 Election
We could loss another 2M jobs the year end, we have been chugging along at 500-600K loses per month for the last 6 months with no end in site.
Did they factor the massive tax increases already proposed by Bam plus the cap-n-trade fiasco plus the jobs killing health care program into their numbers?
They will cook the numbers so Bam doesn't look to bad, but watch the U6 on the attached link. We are headed for big trouble.
Robert Reich styles himself an economic seer, but aside from studying some economics at Oxford as part of his Rhodes Scholarship, he has no economic training. His graduate degree is from Yale Law School.
A while ago I did some calculating and estimate that if jobs continue to be lost at 500-600k per month then 10% would come sometime around August.
Things are not getting better they are just getting worse slower.
It will likely take a long time for the economy to create the millions of jobs that have been lost. What are the chances of creating new jobs at the rate of 600k per month?
Probably not as late as 2011 until we’ll see marginal economic growth.
“Hes going to do everything possible to depress the economy until 2010. Then hes going to start using the stimulus to create jobs and turn the economy around just in time for the elections.”
...only to run face-first into the coming ALT-A and Option ARM crisis that’s going to once more rock California beginning later this year. The banks are by no means out of the woods, yet.
I thought Obama promised 3 million jobs if the economic stimulus package was passed??????????? What the heck happened to all those jobs??????????//
Do you really believe that in the next year this web site and so many others will still be in existence? Look what’s happened in the last 100 days and tell me I’m wrong. Many more sinister and un-constitutional laws are coming down the road. What, Me Worry? That seems to be the response of most of the sheep. Why? Most here on this site get it; but what is being done elsewhere? Not a damned thing. THAT is the problem.
BTW - How many private jets came into D.C. last night for the WHCD? No one said a thing about it. Corporate CEO’S can’t fly anymore, but the Hollywierd Elite can to go see and bow down to the One. We really are in a sad state. For the first time in my life, I’m really ashamed to LIVE in this country.
just in time for the 2010 and 2012 elections...howww conveniiienttttttttt ..but it IS just coincidence because they truly do care about our well being..right?
66,000 new fed employees, mostly for the Census. Acorn workers, no doubt. Out here in the hinterland, people are going to be shot and quartered if this continues. The census is NEXT YEAR!!! I don’t want ANYONE coming to my front door with GPS for ANY REASON!!!!! This is BULLSHIT (sorry moderator)
IT WAS NOT A TAX CUT!
All that happened was a mere reduction in withholdings. People will simply pay back the reduction next year when they file their taxes.
I can't imagine that I am of the same species as someone who believes that wind and solar energy are gonna revive the US economy.
Do you think that will work?
Depends on how much money you made. If you didn’t make much money, it was a tax cut.
Then the Democrats better forecast getting their butts kicked in the off-year elections. Americans vote their wallets and very little else.
I guess it’s official then - the draft comes back in 2010.
Oh goody, goody!!! that makes me feel better all over than anyplace else.