Economy Alarm: Key Obama Economic Advisor Says ‘Stimulus’ Impact Has Passed, But Where Are The Jobs?
Key Obama Economic Advisor Says ‘Stimulus’ Impact Has Passed, But Where Are The Jobs?
Apparently No Hope – And No Jobs – Left for Trillion Dollar Democrat Boondoggle
Obama Promised He Was On Track to Improve the Federal Debt, Revive the Economy, and Save Millions of Jobs
“Obama focused on the $787 billion stimulus plan, an ambitious package of federal spending and tax cuts designed to revive the economy and save millions of jobs…. The stimulus package was a huge victory for Obama less than one month into his presidency. Still, he declared, ‘We have begun the essential work of keeping the American dream alive in our time.’… The only thing certain is that Obama is on track to boost a federal debt that stands at $10.7 trillion. Clearly mindful of that, Obama said: ‘We will need to do everything in the short term to get our economy moving again’ as well as ‘begin restoring fiscal discipline and taming our exploding deficits over the long term.’” (The Associated Press, “Obama: Stimulus lets Americans claim destiny,” 02/17/2009)
Credibility Crash: Chair of Obama’s Economic Advisory Board Says ‘Stimulus’ No Longer Helping, Unemployment to Remain Astronomically High
A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.
Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010. (Jim Kuhnhenn, “Romer: Impact of stimulus will level off,” AP, October 22, 2009)
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