T he NY Post reminds us that the Joe Biden/Christina Romer dog-and-pony show now currently touring and touting some amazing “magical” job creation numbers are the same crew that gave us other estimates of job creation in the past: Last year, when they touted their jobs figures, they wound up backtracking — after it turned out that hundreds of jobs were included from congressional districts that didn’t even exist. Biden later admitted the data were flawed, noting that “further updates and corrections are going to be needed.” Then he and Obama bragged about new job numbers for May — some 430,000 of them. Except that 411,000 were temporary, part-time positions …
Today on Uncommon Knowledge , Michael Boskin and Edward Lazear, both former chairman of the Council of Economic Advisors, on their own profession, economics. Listen to economists such as Lawrence Summers, once the president of Harvard, and now the director of the Obama administration’s National Economic Council, or Christina Romer, the current chairman of the Council of Economic Advisors, and you could almost conclude that Milton Friedman had never been born and John Maynard Keynes had never died. Boskin and Lazear explain the enduring …
A few weeks ago, the International Monetary Fund published a paper looking at the impact of government spending on economic growth. Economist John Taylor explains : The paper is quite technical, but the bottom line summary is that a one percent increase in government purchases (as a share of GDP) increases GDP by a maximum of 0.7 percent and then fades out rapidly. This means that government spending crowds out other components of GDP (investment, consumption, net exports) immediately and by a large amount. The IMF estimate is much less than the multiplier reported in a paper released last year by Christina Romer of the President’s Council of Economic Advisers and Jared Bernstein…
No shit? The federal stimulus act has performed “exactly” as the Obama administration expected it to, Council of Economic Advisers Chairwoman Christina Romer said Sunday. Republicans renewed their criticism of the stimulus in the aftermath of the March jobs report…
It’s a quagmire. Back in October 2008 Barack Obama told a crowd of hopey-changers that “job loss was un-American.” That was before he became president and the country lost 4 million jobs. Today the Obama White House announced that they don’t expect things to improve much this year. Bloomberg reported: U.S. employers won’t hire enough workers this year to lower the jobless rate much below the level of 9.7 percent reached in February , three Obama administration economic officials said today. The proportion of Americans who can’t find work is likely to “remain elevated for an extended period,” Treasury Secretary Timothy F. Geithner, White House budget director Peter Orszag and Christina Romer, chairman of the Council of Economic Advisers, said in a joint statement. The officials said unemployment may even rise “slightly” over the next few months as discouraged workers start job-hunting again. “We do not expect further declines in unemployment this year,” the officials said in testimony prepared for the House Appropriations Committee. They predicted the economy would add about 100,000 jobs a month on average — not enough to bring the jobless rate down substantially. But, don’t worry… The President and Democratic Congress are focused on health care for the umpteenth consecutive month and then maybe they’ll start focusing on jobs.
Four months after declaring that the stimulus package had just about run its course in growing the U.S. economy, White House economic adviser Christina Romer now suggests that the best is yet to come.?
February 17, 2010 | Posted in
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White House Economic Adviser Christina Romer has become a simple mouthpiece for the administration.
Just in time for what they call “bonus season,” ABC’s “World News” treated its viewers to a little anti-Wall Street populism Sunday night. On “World News” Jan.
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White House economic advisor Christina Romer announced today that the jobs picture is “still terrible.” No kidding. The unemployment rate has spiked to 10% since President Obama took office despite his promise that it would not rise about 8%. FOX News reported: A top White House economic adviser said Sunday “you’ll get no argument from” her on the need to improve the miserable jobs picture. Council of Economic Advisers chief Christina Romer said it’s devastating that some workers have been unemployed for two years and that job losses were continuing nearly a year after passage of the so-called stimulus bill. The jobless rate remained at 10 percent in December as 660,000 people said they had left the workforce
Council of Economic Advisers chief Christina Romer said it’s devastating that some workers have been unemployed for two years and that job losses were continuing nearly a year after passage of the so-called stimulus bill.
January 10, 2010 | Posted in
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