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Thread: NY Times: No Job Growth Until Next Year

  1. #1
    radioguy
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    Default NY Times: No Job Growth Until Next Year

    White House Forecasts No Job Growth Until 2010
    By JOSHUA BRUSTEIN
    Published: May 10, 2009


    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.

    But Ms. Romer also said that she expected unemployment to rise even after the economy turns, saying that the G.D.P. has to grow at a rate of about 2.5 percent before unemployment will fall. Before that happens, she said, it is “unfortunately pretty realistic” that the unemployment rate could reach 9.5 percent. A reasonable estimate for the G.D.P.’s growth rate in 2010, she said, is three percent.

    Robert Reich, who served as labor secretary under President Bill Clinton and advised the Obama campaign, said on Sunday that the rate of growth would have to be higher — 4.5 percent — to reverse rising unemployment.

    “I think that when we talk about — or anybody talks about — hitting bottom, what we really have to understand is that the bottom is a kind of an undefined concept here,” he said on ABC’s “This Week.”

    According to figures released on Friday, the unemployment rate in April was 8.9 percent, its highest level in a quarter-century. The so-called 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.

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  2. #2
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    Yes, jobs are always the last thing to rebound from a recession.

    The fact that job loss is slowing down is a good sign but we have a long way to go before we are through with the Bush recession.

  3. #3

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    It took Reagan 2 years to see job growth after the terrible policies of 12 years.

    How long do you think it will take after 8 years of even worse policy?
    '
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    $20,000,000 voter fraud that you will never hear about on Fox News.

    Some numbers based on facts or liberal propaganda as some call it

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    Brain Washing In America

  4. #4
    radioguy
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    Quote Originally Posted by SirMoby
    It took Reagan 2 years to see job growth after the terrible policies of 12 years.

    How long do you think it will take after 8 years of even worse policy?
    I agree, that things won't get better overnight... I do find it interesting that you again attempt to blame Bush for the problems Obama faces.

    Talk about being programmed... You take the cake Moby.

  5. #5

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    Quote Originally Posted by radioguy
    I agree, that things won't get better overnight... I do find it interesting that you again attempt to blame Bush for the problems Obama faces.

    Talk about being programmed... You take the cake Moby.
    He sounds a lot like a pundit.

  6. #6
    radioguy
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    Quote Originally Posted by LadyLiberty7
    He sounds a lot like a pundit.
    Don't forget his new word of the week... PROGRAMMED

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