The Daily Caller

The Daily Caller

Time to admit Obamanomics has failed

1:21 PM 08/10/2010
Pat McMahon

It’s no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday’s brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it’s easy to see why she would start looking for the exits.

Romer is best known for drafting the February 2009 report “The Job Impact of the American Recovery and Reinvestment Plan,” which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That’s not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

Full story: Time to admit Obamanomics has failed | Washington Examiner

Tags: American Recovery and Reinvestment Act, Christina Romer, Economics, Labor, Labor economics, Obama administration, Politics, Unemployment, United States, USD, Washington Examiner, White House

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  • Major_Skidmark

    In our eyes it is a failure. Read up on Cloward-Piven and the “weight of the poor”. Failure was Barry’s plan all along. Once he can collapse the USA system he can rewrite a new constitution, I’m sure it will look a lot like Daddy’s (the guy who left his ass when he was 2) brand new Kenyan constitution.
    Obama’s problem with the US constitution is that GOD has given us our rights, and he can not take them away. In his commie constitution Gov’t will be the granters and detractors of all rights.