White House Forecasts No Job Growth Until 2010 - NYTimes.com
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.
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.
President Barack Obama bringing hope to the whole world.
Ms. Romer said that she expected the economy has to grow at a rate of about 2.5 percent before unemployment will fall. A reasonable estimate for the G.D.P.’s growth rate in 2010, she said, is three percent. But Robert Reich, who served as labor secretary under President Bill Clinton said on Sunday that the rate of growth would have to be higher — 4.5 percent — to reverse rising unemployment.
If this is the truth, and Robert Reich should know, we will not have job growth until after 2010. Before this happen the unemployment rate could reach 9.5 percent. The underemployment rate, which counts people who are working part time because their hours have been cut and those who have given up looking for jobs, reached 15.8 percent.
President Obama called the April jobs numbers showing the nation lost another 539,000 jobs last month "encouraging" yet still a "sobering" economic toll. We should expect further job losses in the months to come. Maybe next month it will be encouraging that we only lose 439,000 jobs.
The president's event today focused on a new call by the administration to help unemployed workers gain new skills and education while they are looking for a new job. Question; Who is going to teach these new 3 million people new jobs skills? Are you going to send all these people to a trade school? Is the government going to pay for their schooling too?
"Now is the time to change unemployment from a period of 'wait and see' to a chance for our workers to train and to seek the next opportunity. That's why the next step is to make it easier for them to receive Pell Grants." A grant they will never have to pay back.
Let's see if I know my math. 3 million receiving about 3 thousand dollars a year, 9 billion?
And no guarantee of a job because there is fewer jobs out there until after 2010.
We have seen this before under President Jimmy Carter.The annual inflation rate rose from 4.8% in 1976 to 6.8% in 1977, 9% in 1978, 11% in 1979, and hovered around 12% at the time
of the 1980 election campaign. Although Carter had pledged to eliminate federal deficits, the deficit for the fiscal year 1979 totalled $27.7 billion, and that for 1980 was nearly $59 billion. President Carter more than doubled the deficit in his four years, spending money on the economy. The unemployment more than doubled in his four years.
Now President Obama is heading in that same direction. No matter how many pretty words that he says or education programs he come up with, their need to be jobs created. To create jobs you must follow the model that President Reagan gave us. Not those of President Jimmy Carter.
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Job Losses Worst Since 1974, Unemployment Jumps
