Christina Romer gave her usual rosy view of the U.S. economy today on “Meet the Press.”
She apparently did not lose a job, a house or a bunch of wealth in the current Obama economy.
“The findamentals of the economy are very stong but we inherited a problem,” Romer said.
David Gregory was not shy in pointing out that when John McCain said during the presidential campaign “the fundamentals of the U.S. economy are strong” he was lambasted by Barack Obama.
That was months ago and the economy is worse now. The economy is worse since Obama’s election and worse still since his inauguration.
So I am starting to hate this “inherited” BS. Obama ran to get into the White House, along with all the goodies and problems that came with that.
Nobody “inherits” the White House unless death is involved….
“It is an economic war,” Romer, chairwoman of the White House’s Council of Economic Advisers, said today on NBC’s “Meet the Press” program. “We haven’t won yet. We have staged a wonderful battle.”
Only an Obama advisor, who knows nothing of battle, could say “wonderful” and “battle” in the same breath.
The fact is, that despite the $787 billion-plus stimulus and the $410 billion omnibus, the economy is still in trouble and even China has doubts.
The $787 billion stimulus is not nearly enough to fill the “well over $2 trillion hole” in the economy, Paul Krugman said. “A fair bit of the bill is not really stimulus,” he added.
On February 17, he was already talking about the need for a second stimulus.
Paul Krugman is a professor of economics at Princeton University and a Nobel Prize winner.
Tim Geithner apparently doesn’t think the battle is wonderful.
“Treasury Secretary Timothy Geithner said today the new administration will wage an aggressive two-front battle against the worst financial crisis in seven decades….” (Geithner, February 10, 2009, Associated Press).
He’s not so rosy either….
Romer Says Economic Fundamentals “Sound,” Stimulus Will Work