March 6, 2009
Posted: March 6th, 2009 12:50 PM ET
From CNN White House Correspondent Suzanne Malveaux 
Romer chairs the Council of Economic Advisors.
 WASHINGTON (CNN) - She is known for her cheery disposition and motherly demeanor, especially beside some of the dour faces that surround her, but Christina Romer, the president's chairwoman of the Council of Economic Advisors, is delivering the cold, hard facts on the nation's new jobless numbers. Making her way from camera to camera, Romer is the face of the administration's bad news. "I think there's no way we could or should spin these. They are terrible. We know that we've lost now more than 650,000 jobs each of the last three months, and that's a tragedy for the American families that are losing those jobs and for the whole economy," Romer told CNN. On Friday, the Bureau of Labor Statistics released the February unemployment figures, which showed an increase from 7.6 to 8.1 percent - numbers Romer said were not surprising. "I think the important thing is they were much of what we expected. But they are still very bad," she said. "The unemployment rate clearly went up a little bit more than the market had been expecting. The job loss is just what we were expecting."
Romer, who stands just over five feet tall, speaks with pride about being part of a group of several dozen academics who've joined the Obama administration's economic team. Born on Christmas, Romer is sporting a bright red coat and her trademark smile today. Her reassuring demeanor has some observers likening her to a school teacher or librarian. She is a powerhouse player with a PhD from MIT and numerous books and papers under her belt regarding the Great Depression. But Romer delivers the economic blows with a kind of optimism not displayed by the rest of the presidents economic team. Romer told CNN Friday she is confident the administration is on the right path. "The message I'd like to give to the American people is the president has been so careful to say to the American people we know it will get worse before it gets better. Precisely because we knew that plans we put in place take time to work. But they are in place. The fiscal stabilization plan, the financial stabilization plan, and the housing plan. Those are our three big doses of medicine for the economy but they're likely to take unfortunately a few months to work." Romer does not believe any one plan is more important than the other in getting accomplished quickly. "I'm actually a great believer that they all need to work at once. That I think they reinforce each other. That it's not, you need to get the financial markets working before the fiscal package does something. I think there's influence the other way. As we get people creating jobs they're more likely to pay their loans and so the banks are healthier. I think we just got to go through on each one of these simultaneously," Romer said. On a day when Americans are learning this is the worst unemployment rate in a quarter century, Romer is consistently realistic but rosy. "The President's message is we will recover. I think that's what the American people need to hear. Cause sometimes in the midst of it it's hard to keep your eye on that, on that hope that is absolutely coming down the line." Filed under: Christina Romer |
 
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