Skip to comments.Obama Adviser Sees Limited Future Impact of Stimulus (unemployment will exceed 10% in 2010)
Posted on 10/22/2009 2:19:13 PM PDT by reaganaut1
One of President Obamas top economic advisers warned on Thursday that the nations unemployment is likely to climb above 10 percent by the middle of next year and that job growth will remain anemic through the end of 2010.
Unemployment is likely to remain at its severely elevated level through the end of next year, predicted Christina Romer, chair of the White House Council of Economic Advisors, at a hearing of the Joint Economic Committee of Congress.
Ms. Romer said she agreed with private sector forecasters who expect that the economy will expand at a moderate pace through the end of next year as it slowly recovers from its deep recession.
But she cautioned that unemployment usually recovers much more slowly than economic growth, and that the job creation has to make up for a great deal of lost ground from the last two years.
And she warned that the rebound in jobs could actually be even slower than what White House officials and private forecasters are predicting. That was a sharp contrast to the Obama administrations forecast at the start of the year, which predicted that unemployment would not climb much above 8 percent and was widely criticized as unrealistic and too optimistic.
Ms. Romer noted that the Blue Chip survey of economic forecasters calls for unemployment to peak at 10.1 percent in the second quarter of 2010, up from 9.8 percent last month, and to be at 9.6 percent at the end of next year.
Though Ms. Romer said economic conditions have improved dramatically in the last six months, and that the $787 billion stimulus program had contributed to that improvement, she said the rebound in jobs could actually be even slower than what White House officials currently expect.
(Excerpt) Read more at nytimes.com ...
Say goodbye to the Democrat party held Congress.
Everyone I talk to sees a lot of unemployment coming out of the US Congress. Hey RATs, start cleaning out and shredding documents now.
2010’s gona be a ‘beaut !
If they are admitting to north of 10% now, right in the middle of the health care debate...they probably believe it will be higher...like 12% or worse.
I don’t know whether to laugh or cry.
Obama is shedding 1/2 million jobs per month. In the old days he would have been branded a loser.
“Ms. Romer noted that the Blue Chip survey of economic forecasters calls for unemployment to peak at 10.1 percent in the second quarter of 2010, up from 9.8 percent last month, and to be at 9.6 percent at the end of next year.”
I thought we were at 10% now.
How do they come up with these figures?
One pointed hat and a crystal ball?
Longest recession in modern history: 0bummer’s.
Isn’t it already over 10%? Here in Mi it certainly is (around 15%) . Remember when it was 4% under W and the libs and dems threw a fit?
This obozo mouthpiece was quoted in an AP story saying that the “stimulus had already saved 600,000 to 1.5 million jobs.”
PROVE IT YOU LIAR!
I remember when George Bush was president, people had jobs, and we were respected in the world because WE WERE FEARED.
Now we are just afraid of what has happened to our country.
“If they are admitting to north of 10% now, right in the middle of the health care debate...they probably believe it will be higher...like 12% or worse.”
In April I bet a friend that, if Obamacare and Cap & Trade get passed, unemployment would be 12% by the elections of 2010.
It was never a stimulus. Please, why do they insult our intelligence. It was their liberal wish list and pay to play list 20 years in the making. They just needed someone weak enough and stupid enough to pass it for them.
Testing an old theory of Hitler and Stalin: If you tell a lie often enough, people will believe it.
Let's see if it works this time, with more and more people losing their jobs.
Pelosi, Reid, and BHO, if you want to see job growth in the private sector, what you need to do is fundamentally change your stunningly disrespectful attitude towards business people and start to listen carefully to business people and fully consider their viewpoint. You need to drop this outrageous cap and tax plan, which is based on totally outdated and discredited science (absolutely not the best science available as the EPA said in its latest lies). If you want to understand the latest science and why global warming is a complete hoax pushed by supporters of global income redistribution and global government, start right here at FR by reading, respecting, and fully considering the threads under the globalwarming keyword.
I have some news for you democrat leaders: except for a few very liberal companies on the west coast, the business community now despises the democrat party and this administration and business people are going to only hire people they absolutely have to hire between now and the 2012 election, because they want high unemployment to hurt congressional democrats and BHO in the 2010 and 2012 elections. Republican business people are calm, professional people who dont make a lot of noise. They are the backbone of this nations economy, and theyre very smart and certainly bright enough to figure out how to sabotage the democrats in 2010 and 2012. Unless there is a major change in attitude by the democrats and some major policy changes, business people nationwide are going to cause crushing defeats at the polls for democrats in 2010 and 2012. Mark my words, unless there is a major change in attitude and policy by democrats and the White House, youre not going to see any significant job growth ALL the way into 2012. This will be the most jobless recovery in history by far without that major attitude adjustment and policy change.
Republican business people are calm, professional people who dont make a lot of noise. They are the backbone of this nations economy, and theyre very smart and certainly bright enough to figure out how to sabotage the democrats in 2010 and 2012. “”
Yeah well too bad they weren’t smart enough to keep this fool from being elected in 2008 ............