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White House Forecasts No Job Growth Until 2010
New York Times ^ | May 10, 2009 | Joshua Brustein

Posted on 05/10/2009 3:27:07 PM PDT by reaganaut1

President Obama’s 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 ...


TOPICS: Business/Economy
KEYWORDS: 2010comeback; bho44; bhoeconomy; christinaromer; romer; second100days; thecomingdepression
Not surprising, since the "stimulus" package had nothing to do with boosting the economy. If Obama wanted more jobs, he could delay the 10% increase in the minimum wage coming this summer.

It's sheer hypocrisy for an Administration running trillion dollar deficits to tak about the need "to start saving more". You first!

1 posted on 05/10/2009 3:27:07 PM PDT by reaganaut1
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To: reaganaut1

Since Obama has already destroyed $4.5 million jobs, he’s got a lot to make up before he can talk about growth.


2 posted on 05/10/2009 3:28:58 PM PDT by Brilliant
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To: Brilliant
White House Forecasts No Job Growth Until 2010

And even then they're lying.

3 posted on 05/10/2009 3:29:59 PM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all. -- Texas Eagle)
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To: reaganaut1

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.


4 posted on 05/10/2009 3:30:22 PM PDT by Brilliant
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To: reaganaut1

What happened to the thirty-one trillion new jobs that Bambi was going to create IF ONLY we passed Stimula-Lollapalooza?


5 posted on 05/10/2009 3:30:55 PM PDT by Nervous Tick (Party? I don't have one anymore.)
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To: reaganaut1
Could you imagine how the New York Times would be spinning this story if Bush/Cheeney were still in charge. The venom would be palatable.
6 posted on 05/10/2009 3:31:25 PM PDT by RedStateGuyTrappedinCT
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To: reaganaut1
The economic recovery, Ms. Romer said, will be driven by business investment in sectors like renewable energy rather than consumer spending

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.

Whatta Maroon...

7 posted on 05/10/2009 3:34:01 PM PDT by Regulator (Welcome to Zimbabwe! Now hand over your property)
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To: Nervous Tick
What happened to the thirty-one trillion new jobs that Bambi was going to create IF ONLY we passed Stimula-Lollapalooza?

They will come in 2912

8 posted on 05/10/2009 3:34:21 PM PDT by Dan(9698)
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To: Dan(9698)

>> 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?


9 posted on 05/10/2009 3:36:25 PM PDT by Nervous Tick (Party? I don't have one anymore.)
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To: reaganaut1

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.


10 posted on 05/10/2009 3:39:00 PM PDT by nhwingut ( Don't Blame Me. I Voted For Waterboarding...)
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To: reaganaut1
geeze..nothing like going out on a limb with a prediction...
isn't employment a lagging indicator ?
11 posted on 05/10/2009 3:39:32 PM PDT by stylin19a (Red is positive, Black is negative, and Make sure his nuts are wet)
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To: Nervous Tick
Hmmm... that’s a little later than I was hoping.

I misspoke, --- Its 2911.

A little cheer.

12 posted on 05/10/2009 3:39:38 PM PDT by Dan(9698)
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To: nhwingut
It should be a layup for the GOP in ‘10 and ‘12 - even with the leftwing propaganda machine in tow.

Only if GOP has a true, conservative message.

13 posted on 05/10/2009 3:42:19 PM PDT by newfreep ("Liberalism is just Communism sold by the drink." - P.J. O'Rourke)
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To: RedStateGuyTrappedinCT

The palpable venom is rather unpalatable to me.


14 posted on 05/10/2009 3:43:20 PM PDT by HiTech RedNeck (Beat a better path, and the world will build a mousetrap at your door.)
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To: reaganaut1
Zer0 has to be held accounntable for this. He has fixed nothing and made things worse. The Slimes would be calling for the resignation of the president if they were Republican.

Does anyone think this is acceptable?

15 posted on 05/10/2009 3:45:38 PM PDT by KC_Conspirator
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To: nhwingut

It should be a layup, but they are buffoons.


16 posted on 05/10/2009 3:46:18 PM PDT by KC_Conspirator
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To: reaganaut1

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.


17 posted on 05/10/2009 3:46:47 PM PDT by fellowpatriot
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To: reaganaut1
but how can that be? didn't i just read the FedGov added 60,000 new employees???
18 posted on 05/10/2009 3:51:55 PM PDT by Chode (American Hedonist - Obama is basically Jim Jones with a teleprompter)
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To: nhwingut
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.

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

19 posted on 05/10/2009 3:53:04 PM PDT by digger48
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To: reaganaut1
Anyone who thinks the UE rate is going to be less than 10% by year end is not paying any attention.

http://www.bls.gov/news.release/empsit.t12.htm

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.

schu

20 posted on 05/10/2009 3:54:30 PM PDT by schu
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To: reaganaut1

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.


21 posted on 05/10/2009 4:01:11 PM PDT by Plutarch
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To: schu
Anyone who thinks the UE rate is going to be less than 10% by year end is not paying any attention.

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.

22 posted on 05/10/2009 4:10:16 PM PDT by Aglooka (Posting from New Hampshachusetts (Formerly New Hampshire))
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To: reaganaut1

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?


23 posted on 05/10/2009 4:13:02 PM PDT by Aglooka (Posting from New Hampshachusetts (Formerly New Hampshire))
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To: reaganaut1

Probably not as late as 2011 until we’ll see marginal economic growth.


24 posted on 05/10/2009 4:15:00 PM PDT by MinorityRepublican
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To: fellowpatriot

“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.”

...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.


25 posted on 05/10/2009 4:17:42 PM PDT by CaspersGh0sts
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To: reaganaut1

I thought Obama promised 3 million jobs if the economic stimulus package was passed??????????? What the heck happened to all those jobs??????????//


26 posted on 05/10/2009 4:20:18 PM PDT by Always Right (Obama: more arrogant than Bill Clinton, more naive than Jimmy Carter, and more liberal than LBJ.)
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To: reaganaut1

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.


27 posted on 05/10/2009 4:38:08 PM PDT by hkp123
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To: reaganaut1

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?


28 posted on 05/10/2009 4:39:35 PM PDT by wheresmycheckbarry?
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To: Chode

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)


29 posted on 05/10/2009 4:45:39 PM PDT by hkp123
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To: Brilliant
... that the 'stimulus' package included a tiny tax cut ...

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.

30 posted on 05/10/2009 4:49:26 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: reaganaut1
The economic recovery, Ms. Romer said, will be driven by business investment in sectors like renewable energy

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.

31 posted on 05/10/2009 5:03:39 PM PDT by freespirited (Is this a nation of laws or a nation of Democrats? -- Charles Krauthammer)
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To: fellowpatriot
"Then he’s going to start using the stimulus to ‘create jobs’ and ‘turn the economy around’ just in time for the elections."

Do you think that will work?

32 posted on 05/10/2009 5:17:43 PM PDT by goodnesswins (WE have a REPUBLIC.....IF we can KEEP IT!!!)
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To: pnh102

Depends on how much money you made. If you didn’t make much money, it was a tax cut.


33 posted on 05/10/2009 6:39:31 PM PDT by Brilliant
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To: reaganaut1

Then the Democrats better forecast getting their butts kicked in the off-year elections. Americans vote their wallets and very little else.


34 posted on 05/10/2009 6:51:05 PM PDT by Jack Hammer (here)
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To: hkp123
i heard that...
35 posted on 05/10/2009 7:14:40 PM PDT by Chode (American Hedonist - Obama is basically Jim Jones with a teleprompter)
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To: reaganaut1

I guess it’s official then - the draft comes back in 2010.


36 posted on 05/10/2009 9:38:37 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: Dan(9698)
I misspoke, --- Its 2911.

Oh goody, goody!!! that makes me feel better all over than anyplace else.

37 posted on 05/11/2009 8:18:19 AM PDT by dearolddad
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