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Obama's Economic Advisor on the 787 billion stimulus: even though the economy is likely to expand in the third quarter, the impact on the labor market will be limited.

WASHINGTON — The US unemployment rate is likely to remain "severely elevated" for some time even as the economy recovers from recession, a top White House economic aide said Thursday.

Christina Romer, chair of President Barack Obama's Council of Economic Advisers, said that even though the economy is likely to expand in the third quarter, the impact on the labor market will be limited.

"Consistent with the recent cyclical pattern, the unemployment rate is predicted to continue rising for two quarters following the resumption of GDP (gross domestic product) growth," she told a hearing of the Joint Economic Committee of Congress.

She said that the key to reducing joblessness is growth of at least 2.5 percent, and that most projections call for an expansion close to that level.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 10:45 PM on Oct. 22, 2009 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (8)
  • Does anyone still think the 787 BILLION Stimulus was/is effective use of Tax Payer Money to STIMULATE THE ECONOMY?


    http://www.google.com/hostednews/afp/article/ALeqM5hLVCPhyM71T6PiRbQmCes6hvHmtg


     

    grlygrlz2

    Answer by grlygrlz2 at 10:46 PM on Oct. 22, 2009

  • The truth sneaks out. Get used to being without a job ladies. The Obladee Oblada Administration has done nothing to build the foundation of this nation= Small Business have been screwed by the government.
    Anonymous

    Answer by Anonymous at 11:10 PM on Oct. 22, 2009

  • no only 1% of the package went toward job growth there were over 9'000 pork projects in it including 8.3 billion for acorn that could have created a lot of jobs but obama didn't intend for the package to go toward job growth it was meant for payback to his buddies for helping him get elected and nothing else.americans are till losing jobs every day.
    georgia362

    Answer by georgia362 at 11:11 PM on Oct. 22, 2009

  • If the moneys not spent, give it back to China.
    lovinangels

    Answer by lovinangels at 12:17 AM on Oct. 23, 2009

  • loving--that's just it...MOST of the money has NOT been spent yet!!

    I think it should be the platform of every fiscally conservative political candidate, to state--"if I win, I will stop the proposed/planned spending of the stimulus package."

    In this economy that's a guaranteed win!
    LoriKeet

    Answer by LoriKeet at 7:37 AM on Oct. 23, 2009

  • "Consistent with the recent cyclical pattern, the unemployment rate is predicted to continue rising for two quarters following the resumption of GDP (gross domestic product) growth,"
    ---------------------
    This is where I have the problem. There is nothing "recent" about cyclical patterns. And why are they now referring to our previous Crisis as a "cyclical pattern"?
    Recessions are cyclical yet this admin used it as a crisis to get an emergency bill passed. Here, she admits it was nothing more than just a cyclical recession that goes through a certain course of events.
    jewjewbee

    Answer by jewjewbee at 10:24 AM on Oct. 23, 2009

  • Hmmm, just 6 replies. So do they not care or not believe?
    Wow, the truth hurts huh
    itsmesteph11

    Answer by itsmesteph11 at 5:15 PM on Oct. 23, 2009

  • In many liberals 'simple minds" they can dish out all the negativity they want about conservatives/ GOP Presidents, but they cannot take criticism. Liberal Cry Babies.

    grlygrlz2

    Answer by grlygrlz2 at 11:45 PM on Oct. 23, 2009

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