July 19, 2009
Posted: July 19th, 2009 11:22 AM ET

From
White House Budget Director Peter Orszag said Sunday that unemployment will lag behind the rest of the economy once the economy begins to turn around.
White House Budget Director Peter Orszag said Sunday that unemployment will lag behind the rest of the economy once the economy begins to turn around.

WASHINGTON (CNN) – White House Budget Direct Peter Orszag said Sunday that the struggling economy has backed away from the precipice it was teetering on late last year but a return to economic growth has not occurred yet.

“Where we are is the sense of free fall that we had back in December . . . we’ve stepped back from that precipice but we’re not yet in the growth zone,” Orszag said on CNN’s State of the Union. “Most private sector forecasters are suggesting that won’t happen till later this year.”

Orszag also said Sunday that unemployment – now approaching 10 percent nationally – could take some time to turn around.

“Unemployment will lag somewhat,” Orszag told CNN Chief National Correspondent John King, as the economy begins to turn around later this year.

“Firms - usually even after the economy begins to pick up again – they still remain reluctant to hire people for some period of time. So, the unemployment rate is going to remain elevated – too elevated and there are too many people who are suffering – for some period of time.”

“It’s going to take some time to work our way out of it,” Orszag also said.

Filed under: Economy • Peter Orszag • Popular Posts • State of the Union


Marc   July 19th, 2009 4:29 pm ET

Va Womyn – They have to say it, with the Republicans trumpeting that they are failing over and over and over again (instead of coming up with any reasonable solution) they have to work and remember why things are not changing for the good on amonthly basis...

renea   July 19th, 2009 4:23 pm ET

First of all my confident is not in my job because jobs comes and goes neither is my confident in President Obama No my confident is in GOD. I know how it feels to be without a job and have to look to the governorment for help with unemployement and other needs. But i would also like to say i think this president is doing an outstanding job even though some may not see it that way but thats ok. I Thank GOD for this president because amoungst all the criticism,he still fight for what he believe. And i pray that God will lead him with the wisdom he needs to get this country back on track, thats the key to this country getting back on track PRAYER! NOT COMPLAINING.

jaye   July 19th, 2009 4:13 pm ET

Thank you President Obama!!!!!

Hugo   July 19th, 2009 3:16 pm ET

prezpres-your post is about as coherent as your writing skills.

Hugo   July 19th, 2009 3:13 pm ET

Isn't it amazing how right before this Health care bill our economy has made this miraculous stop of the downward spiral? If you listen to this propaganda and believe it then you probably also believe that the Obama team knows more than the CBO does regarding cost. I am nearly convinced now that the Obama Administrations intent is to totally destroy our way of life to indoctrinate this Change that only they understand. I thought the Change they were speaking of was taking some of the corruption out of our government, Chicago politicians, what was I thinking? This last commercial with Obama trying to use fear to intimidate the Senate and House to pass this crap was the true revealing moment. Where is the call for tort law reform to truly assist in fixing the broken system? Regulate how much the lawyers can sue for and the system will fix itself!

usualone   July 19th, 2009 3:13 pm ET

I am glad we don't have to wonder what would happen to the country if the Republicans had stayed in office. They would not have offered any bail-out; therefore, unemployment would be obviously much higher than the sad 10% it is today. This administration inherited a huge mess and our economy was free-falling before they took office. It is easy to point fingers and say how "bad" the situation is now. Those naysayers should get quiet about such issues at this early time in the new presidency. They never offer suggestive criticism...just doom and gloom. It is disheartening that so many are buying into their tale tales. We are a country that needs an instant fix and are a throw away country. When will we learn to have some patience. I guess I'm kidding myself to think people will give this President some time.

Steve A. , New Braunfels , Texas   July 19th, 2009 3:13 pm ET

It appears there is a lot of GOP rightwing negativity in these comments. Could it be that the GOP is afraid and I do mean afraid that Obama and the DEMs just might pull it off and turn the economy around? Re-establish the middle class?Bring some sort of peace to the world?and they(the GOP)wouldn't get any credit for it. A succesful Obama administration will not be good for whats left of the GOP.

tony   July 19th, 2009 3:04 pm ET

riteaidbob,

You know, the conservatives are still saying that the recession at the beginning of Bush's term was Clinton's fault because it started before the end of Clinton's term. (The National Bureau of Economic Research determined that the recession started on March 2001, but you will still get arguments from the conservatives.) For all the people who are saying that the sky is falling because Obama is now in office, he has only been there for 6 months. Most of the money in the stimulus bill has not been spent (53 billion as of June 19, according to MSNBC). That money will last us a few months in Iraq. The money from the stimulus bill is being spent too slowly to have any significant effect on the economy, according to some economists. If the sky is falling now, it is because the sky was already falling before Obama entered office and whatever Obama had done in 6 months was not enough to make a difference.

JoblessInSeattle   July 19th, 2009 2:36 pm ET

John King is one of the best in our book.

One thing I don't understand, though, is why CNN keeps having Donna Brazille in their discussion panel. All I have ever heard she says is "the Prez is doing the right thing, the Prez is doing a terrific job, the Prez is doing the right thing, the Prez is doing a terrific job...". How is that going to add any value to the discussion? Why not have someone who backs what he/she says with facts and numbers instead.

Tatianna   July 19th, 2009 2:31 pm ET

What are you thanking Obama for? We still have troops in Iraq, we still depending on foreign oil, NKorea still not complying, America unemployment not lowered and rising, continuing home foreclosures, nation still divided, Gitmo still open, ongoing warrantless wiretaps, renditions still exist, no healthcare for all, still open borders, Irans controversial nuclear program is ongoing, AQ and Islamic extremists still exist, Soldiers still dying, earmarks in bills, higher deficit, corrupt govt officials, lack of transparency – oversight and accountability, all admin positions not filled, lobbyists still exist, new majority of congress and still polarized. You have to wonder what kind of uneducated mass of voters actually believed Obama would solve anything

Kajun   July 19th, 2009 2:26 pm ET

This is for Prez Pres...What was the unemployment rate before the Dems took over in 2006? The model that the Dems have created about bailing out large corporations is the fluke. That GM and Chrysler thing is really working out well for us non-union folks

Michael M, Phoenix AZ   July 19th, 2009 2:18 pm ET

Hey, Gang!,

Checking out unemployment, just got back from traveling in South Dakota, Colorado, and New Mexico, and at least saw "Now Hiring" signs posted in many businesses....Everyone, unfortunately, thought that the day after Pres Obama was sworn in that the unemployment problem would "disappear" majically overnite....I do believe he said it would take months if not almost two years to get it turned around...remember, it took 8 years of one Presidency and 12 years of a Republican dominated Congress to create the mess we are in....It all really seemed to start when Bush 43 started mailing out those IRS "stimulus" checks in 2001 and eliminated the Treasure surplus in one fell swoop.

omoregie john   July 19th, 2009 2:14 pm ET

Americans just be happy that the hope of today and tommorow is the present adminstation and thank God that Bush is gone and forever

Can you imagine how much of your Tax money spent in Iraq war just please check it with the population of American citizen that means every born American would have be MILLIONAIRE today- but it is obviously that Mr Bush and his conservative members who sees only their Nose looted this Billions and many Americans back home lives on the street
Americans of all race join this regime for a better tommorow
The truth is allways bitter

Fan of Common Sense   July 19th, 2009 1:58 pm ET

Ever week it seems like I hear something different about the economy. One week our economy is free-falling and economic collapse is just around the corner. The very next week, we are on the rebound and prosperity is on the way.

You have to remember, no one in the media or in Washington predicted the tech bubble, the housing collapse, or the resulting economic turmoil. No one predicted that my 401K would drop 40% of its value almost in just a few months. I hate to sound like one of the dooms-dayers, but I'm at the point that I don't believe ANYONE when it comes to the economy. We are in uncharted territory and no one really knows what is going to happend from one month to the next. Am I the ony one that feels this way?

S M R   July 19th, 2009 1:55 pm ET

You GOP bloggers are all IDIOTS. You have too be getting paid by the GOP to comment here or you people a just plain stupid. Support your President like a good patriot or STFU !!!

Keith in Austin   July 19th, 2009 1:55 pm ET

What else would you expect to hear from a budget director representing this White House? We have been lied to over and over again. Please wake up folks! For a real depiction of reality, look at the escalating unemployment rate,rapidly rising 1.2 trillion dollar debt and the true economic forecast by anyone with a shred of sense!

tee   July 19th, 2009 1:53 pm ET

I trust my President will do the right thing for the people, inspite of what he's up against. Most of these politicians have been in office for years, they speak of years of experience.........but can't or won't come up with a decent healthcare plan that will be beneficial for all americans. The corruption has been rampant for over 25 years or longer. Tax dollars have been wasted for years............Politician have been paid off for years..........corruption on wall street for years........Yet the republiklans say President Obama is destroying america?.......WHITE collar crime at the highest level is detroying america..............GREED AND INTOLERANCE WILL DESTROY AMERICA

Demanding=not same as doing   July 19th, 2009 1:40 pm ET

Obama is always demanding which is not the same as doing. Where
is any white paper from the White House with proposals for any bill .
Leading means just that..having plans of actions to really move
forward and not: "I demand a bill for my signature for this or that on a specific date...without...without...We now have a President who is fudging and only comes out day after day with fancy rhetoric...getting
bored with it...while the country is falling deeper into change of despair
======================================================

4 and the door   July 19th, 2009 1:38 pm ET

Prez Pres "...That line about growing small business need to be helped is really bogus because small businesses don't have the capital that large corporate businesses have.
_______________________________________________________

You must have been part of Obama's cheering section to bail out GM, Chrysler and AIG. Enough said.

Sue Ohio   July 19th, 2009 1:37 pm ET

No republican complained when the CBO projected that 2.1 TRILLION dollars would be added to our national debt due to the Iraq war. Now they are complaining when the American people want to spend the money on Americans.

Republicans spend as much as you want to go around the world and kill people but hold the reins tight when American lives depend on affordable health care and regulation reform.

JD   July 19th, 2009 1:34 pm ET

Sorry, MikeH...you're just adding to the BIG LIE with your claims. History paints quite a different picture than you paint. If anything the joblessness you cite was courtesy of the Carter administration, not Reagan.

What's worse, the Obama administration has turned into little more than Act II of the Carter insanity.

God help us all. We're gonna need it.

Ken   July 19th, 2009 1:27 pm ET

I lived in NYC in 2001. It had been 8 months or so since Bush had taken office when a terrible tragedy beset our nation. I was reminded repeatedly by my Republican friends that he was still a new president, and could not be held responsible for not fixing everything in the first couple of months. They told me of all of Clinton's missed opportunities to fix the problem (nevermind that they accused him of wagging the dog when he did). So, I would ask today for those same Republicans who argued 8 years ago that 8 months isn't enough time to fix 8 years of mishandled policies that there has been no paradigm shift, that their logical consistency demands that they at least consider that they might have been right eight years ago... and that maybe, just maybe, they should consider applying the same standards to all presidents, not just the ones who they voted for.

leah   July 19th, 2009 1:17 pm ET

It took 8 years to be in the hole
it will take more time to get out of it
the bottom line is, things are looking slightly better
slowly but surely

Carl   July 19th, 2009 1:14 pm ET

According to Richie below, when it comes to the Posters of this article grasping the concept of Macro Economics, "Everyone", it seems, "has no concept". Sounds like Richie is not only all-knowing in this subject, but also has been informed as to the Posters' knowledge on the subject. Now THAT'S enlightenment.
Ironicly, it's not macro economics people are concerned about, it's micro economics.
It is true that President Bush did contribute to our current situation, however; the over-whelming majority of economists agree that Obama has done much (in only seven months), to cause this economy to spiral downward.
That being said, (picking up the megaphone), "YOU, ON THE EXTREME LEFT.... STEP AWAY FROM THE KOOLAID" B')
-Carl
PS: oh, &nd quit being so mad. Your guy(s) won.

Grrr-awful-o   July 19th, 2009 1:13 pm ET

"And if you believe that one, then let me tell you about how great socialized medicine is going to be..." Dims are asking for it... but reality is not your fantasy. Just like:
- with the stimulus package unemployment will stay under 8%
- we'll balance the budget by the end of my first term
- we'll be out of Iraq by 2010 (aside: taken to mean, by Dims, that we won't be in any wars after that as well)
- we will only raise taxes on the rich (aside: probably depends on what your meaning of is is)
- nationalized healthcare will cover all Americans
- nationalized healthcare will make medical treatment more available to all Americans

Gullible!

To: New Yorker   July 19th, 2009 1:12 pm ET

"U.S. is getting worse with this president at the helm. Face reality, like the rest of us who see what this guy is up to. The situation is bleak at best."

I agree that the situation is bleak, but I don't agree that our president is the worst. Your version of my what is reality and mine are very different. I see this as a market correcting it self from some disasterous decisions, but it is correcting itself.

You see it as the sky is falling, at least that is how I am reading your comment. Am I correct?

southerncousin   July 19th, 2009 1:09 pm ET

Another obamatron says the recession is over? I got my quarterly 401K statement on Friday and also talked to my cousin who lost his job when the obamatramatic porkulus bill provided all those funds for George Soros, ACORN and the unions, and he still is very unemployed with no prospects. Why are these obamatrons lying, they must only talk to CNN listeners and readers, because they are the only ones who could possibly believe them, the after all voted for this idiotic thug in the White House.

TOM   July 19th, 2009 1:09 pm ET

If we had electeda repub we would be worse off. Now all the rich people who would have their taxes cut would be happy.

Trickle down economics is when you feed your horse oats so the birds will have something to eat later.

Gerald F. Canada   July 19th, 2009 1:07 pm ET

Now that it was voiced. (The things are getting better shtick that is). You know that the other shoe is going to drop. Then good old back peddling 101 will start up. ( Again.)

To: riteaidbob   July 19th, 2009 1:07 pm ET

it is YOUR JOB to report it to YOUR representative

the media broadcast it, but they are just as biased as you and I

don't be lazy, write a letter to your representative

this BLOG is a waste of your time, but enjoyable

Darth Vadik, CA   July 19th, 2009 1:06 pm ET

Mark these words:

When the economy improves, in six months to a year, all these Obama haters, who have just blasted Obama about the economy will come out and say, we told you Bush put it on a right path.

The evil ideology of a republicsums will never cease to amaze me.

prez press   July 19th, 2009 1:03 pm ET

From reading and looking at the GOP ideas versus the Democrats ideas, If we would have had a Republican as president, the U.S. economy would have been in trouble. That line about growing small business need to be helped is really bogus because small businesses don't have the capital that large corporate businesses have. Also, small business are a risk because they are competing with other small businesses. The truth is that the majority of GOP has small businesses and are afraid of their downfall. Also the GOP don't have an understanding of the job market and unemployment rate because most of them are well above 200,000 or more income. That is not middle class America as they claim. Their ideas were used back when the Bushs and Reagans were in office, but now we have to revert to new tactics and ways to prevent people from losing jobs and being poor. I see now how the president Obama is making this happen. You have to ignite the fire so you can get things moving in different directions. Most economist say that when the economy rebounds, unemployment is the last thing to increase because it takes time for confidence in hiring by companies. Right now the recession is ending and we are seeing consumer spending. I predict in the last quarter of this year, the employment rate will slowly grow

Zero.   July 19th, 2009 1:03 pm ET

So Canadians and British forces are dying in Afghanistan, because you elected a muslim spy into the whitehouse.

cat   July 19th, 2009 1:02 pm ET

Another boy genius to guide us astray. Those thought of as the best and brightess are seldom either. As far as I am concerned anything out of the White House is pure propaganda these days. Regean-era spin doctors are nothing compared to these guys and gals.

shootingmans   July 19th, 2009 1:01 pm ET

What I want to know is, what's the government going to do if China decides to stop buying up our debt?

JoblessInSeattle   July 19th, 2009 1:01 pm ET

I think it's time the Obama Admin should stop using the old excuse of "inheriting a big mess from the previous admin" and take some responsibilities of their own.

Aunt Bea and Opie   July 19th, 2009 12:57 pm ET

John King is a zero in our book.

Mike, Syracuse, NY   July 19th, 2009 12:55 pm ET

The one area where Obama has admitted things are going better than hoped is the banking stabilization. That just also happens to be one piece of recovery legislation passed under Bush (remember TARP?). So how has Obama helped at all?

Peter   July 19th, 2009 12:45 pm ET

Folks did you know that?, Brand Pharmaceutical companies pay off generic drugmakers to delay availability of their low cost versions which would annually save consumers $ 3.5 billion and reap $ 1.2 billion in savings for the federal government, which shoulders about one-third of all prescription drug cost? add the special insterest groups, lobbyist and the insures. You are being duped! the only loosers is us the common folks otherwise the rest makes 6 figure. The hypocrisy lies in greediness wrapped with ethos of capitalism. The free market!!? belive me there is nothing ln the world called free market. You have seen the results of deregulations in some industries!. If America don't act now we can as well start learning mandarin because China will buy every industry! Ni hao!!!

S Callahan   July 19th, 2009 12:36 pm ET

I do think President Obama and his team has been trying to make a wrong right....but there are forces working against this that even he can not control..... While the poor get poorer and the middle class learn what it is to start going without...you see big Corps with stomach churing profits...but it won't last for them...they will crash because they have ignored the needs of the poor and of the earth.
I do know there is a hope for the future but it's not the hope of the dollar. You can know it too if you would just seek.

In the West   July 19th, 2009 12:26 pm ET

You Obama haters are a sad joke. Take an honest look at where the economy was when Bush left office. Do you think McCain could have fixed this? The radical right couldn't think themselves out of a paper bag at this point.

Frank   July 19th, 2009 12:25 pm ET

Thank you Mr. President for saving our nation from the disaterous policies of Bush/Cheney.

The "Wallstreet run" schemes of healthcare in America offered by Conservatives have failed us. It is time for a public option in healthcare. We need meaningful healthcare reform legislation that mandates a government run option to provide accessible & affordable healthcare for ALL Americans.

Congress must stop the petty, partisan, political fighting against a public option in healthcare.

Congress must stop promoting a "Wallstreet Run" scheme that only gives huge profits to insurance companies and Pharmaceutical companies and lobyists, while leaving a majority of Americans with little or no healthcare coverage.

Congress must support a government option in healthcare delivery for ALL Americans.

God Bless you President Obama .....

YES WE CAN HAVE AFFORDABLE HEALTHCARE COVERAGE FOR ALL AMERICANS!

We are divided   July 19th, 2009 12:23 pm ET

It doesn't matter who made the White House this last election, the fact remains the prez still had to try to fix many decades of selfish politician-only interest which has ruined this country. We are all guilty of not being better at letting these so-called officials know what this country needs – a bunch of sheep being ran by the wolves on the hill.

Russell, NC   July 19th, 2009 12:22 pm ET

Believe that one and he will tell you another one.

TangledThorns   July 19th, 2009 12:20 pm ET

Orszag is cheerleading Obama's failed economic agenda, nothing more. Seriously, how did America think Obama was going to be better with the economy? He has no experience in anything!!

Anonymous   July 19th, 2009 12:19 pm ET

The truth is that debt fueled prosperity in America is OVER!

Our economy is in shambles and there is not much there to stimulate with stimulus driven by government debt.

The US is headed towards a third world economic structure with an impovrished working class and an obscenely wealthy ruling class.

Never again will people en mass be able to make middle class wages in manufacturing or other sources of large scale employment.

Prosperity comes from economic advantage.
Economic advantage comes either from technology or organizational sources.
We have given away our technology and our organizers have chosen to outsource to other countries rather than investing in America.
Free trade brought short term material prosperity at the expense of our future.

Get used to competing with folks from the third world who make enough to live there but not enough to live here.
Get used to minimum wage menial jobs.
Get used to decayed infrastructure (how many train crashes recently?)

America's long slide has begun and we are choosing to put our grandkids in debt rather than facing up to the fact we have given away our economic advantage so that a few can live like Kings of old.

America's class war is over and the workers didn't fight.

Expat American   July 19th, 2009 12:18 pm ET

So many Americans love to blame their problems on others, whereas personal accountability no longer exists in this country.
The economy for what it is at the moment is not solely the fault of Bush nor is it the fault of the Democratic leadership since 2006. It is the fault of the USG as a whole. When will people begin to realize that the homes of lawmakers are paid for, their children's health is protected and their pensions will never be affected? It is you (us) who will suffer and only you (us).
Knowing full well that the transition from Bush's White House would be tough on any new administration (even a McCain administration), I planned ahead, and I am glad that I did so that my loved ones are as safe as those of our elected officials.
I trust that President Obama's heart is in the right place in regards to fixing the economy, rebuilding diplomatic relations and ending the war in Iraq; but Rome wasn't built in a day nor was it built in 6 months.

We are divided   July 19th, 2009 12:18 pm ET

We are now going down the 'third world country' road that we are destined to because we are such a 'me myself and I' society. We have doomed the family and now this country will be either the very rich or the very poor – no middle anymore.

Byron   July 19th, 2009 12:17 pm ET

May I say that 45% of us Americans are pessimists? When Bush was in office, i think everbody could come to the general consensus that he was indeed the worst president since the Depression. And cleaning up his mess is a tough duty that I think nobody could instantly fix. 7 months in his admin. and we've seen so drastic changes. He is workin very productively, as if we had Bush in office, we'd be paying 5.39 a gallon for reg unleaded. So leave Obama alone guys. Prejudice is why we can't function as a somewhat perfect society today. Rome wasn't built overnight.

jrzshor   July 19th, 2009 12:16 pm ET

did the guy who operated the economic roller coaster get laid off?

Frank   July 19th, 2009 12:15 pm ET

HEALTHCARE REFORM WITH A GOVERNMENT OPTION NOW !!!!!

riteaidbob   July 19th, 2009 12:15 pm ET

BTW "richie"...
It's YOU the liberal who is in the miniority... the VAST majoriy in this country is conservative.

Problem is you have the unethical LIBERAL media behind you who refuse to do their job and report President "disaster" as is their job.

You should be so PROUD!

MikeH   July 19th, 2009 12:15 pm ET

JD, unemployment is still not as bad as it was under your god-king Ronald Reagan.

Geraldo, your real name is probably something like Billy-Bob, and you're a paid red-neck shill for the fat cats who almost destroyed this country.

We were told in January this would take years to turn around, if we act responsibly. Any American with half a brain understands that. Judging by some of these posts there are some pretty empty skulls hanging out on the Ticker.

I'm not pleased with all of what Obama's doing or not doing, but I'm responsible enough to know that it will take time money and effort to reverse the horrendous economic damage caused by the Great Bush Incompetency (nothing presidential about him) and Obama is intelligent ant rsponsible enough to do the job far better than the what the alternative (McCain/Palin) would have done.

Frank   July 19th, 2009 12:14 pm ET

Thank you President Obama for saving our nation from the disasterous consequenses of the failed Bush/Cheney administration.

We understand that correcting the problems created by Bush/Cheney and the rabid, right-wing neocons will take more time. Honest, hardworking, patriotic Americans stand with you Mr. President. in you fight to bring this coujntry back from the brink of catastrophe.

Keep up the good fight for accessable & affordable healthcare with a public option for ALL Americans. The "Wallstreet run Healthcare" schemes of Conservatives has failed us and it is time for a government solution!

HEALTHCARE REFORM WITH A GOVERNMENT OPTION NOW !!!!

LAR   July 19th, 2009 12:13 pm ET

There have been monthly pronouncements from the administration on the improvements in the economy, yet the unemployment rate continues to climb to levels seen only once during the past 60 years. Regardless of spin about jobs that have been saved the fact of the matter is; jobs have been lost and continue to be lost. Plus the unemployment statistics only count those actively seeking work, if an individual has simply given up and is no longer looking, they aren’t counted which it could be argued; gives an undeserved optimism to the current 9.5% figure.

Peter   July 19th, 2009 12:13 pm ET

For one! stimulus has done magic at least the economy has stabilized abit, without the stimulus may be we could be waiting for hours to buy a bread. The free fall could be a disaster equivalent to what happened in Russia. And failure to act on health care now will cost our children tripple of what we could have used now, the lobbyist and the special interest groups are not telling you the truth take for instance, the present value of the federal government major reported that long term "fiscal exposures" the difference between what was promised and what was dedicated revenues totaled $50 trillion in 2006. This represented close to 4 times gross domestic product (GDP) in fiscal year 2006 and was up from about $ 20 trillion, or 2 times GDP in the year 2000. If we wanted to put a side today enough money to cover these promises, it would take about $ 440,000 per American household up from $ 190,000 in 2000. Talk about the time value of money and you gonna unmask the hypocrisy perpetrated by the lobbyist, special interest groups etc. Here the loosers are the people who can't afford to go abroad for hip placement! etc. The radio talk shows presenters earns 6 figure salaries some even write books for sale to make more money! so if they tell you to go for a tea party ask yourself what is their for you? or are they just using you?

riteaidbob   July 19th, 2009 12:13 pm ET

No matter how far in debt this Chicago THUG takes us...no matter how far he expands the size and POWER of the Federal government (and Executive branch)...no matter how many socialist/communists/radicals he puts in positions of power (Czars)...no matter how many campaign promises he breaks/ignores...no matter how many times he silently ignores the constitution or tramples on your rights the left/Dems will spend the next decade saying...

IT'S BUSH FAULT!!!
IT'S BUSH FAULT!!!
IT'S BUSH FAULT!!!

Flipper   July 19th, 2009 12:11 pm ET

I love all of these mixed messages coming from the White House. They create phony numbers about the jobs they supposedly "saved," or they claim that they (& incredibly everyone else) "misread" the economy, or make ridiculously vague statements like taking credit for pulling the economy away from the brink yet they have no real way of actually proving it. Meanwhile, the nat'l & state unemployment rates keep going up up up (yeah, I know, the unemployment rate is a lagging indicator. Dems always remind people of this when a Dem is in the White House)!

Greg   July 19th, 2009 12:10 pm ET

So it doesn't matter what "facts" are, as long as we continue to believe in Dear Leader and remain positive about it? That's what is most important?

richie   July 19th, 2009 12:08 pm ET

Every one who hast posted on this entry has no concept of macro economics. It takes time! This mess was caused by years of deregulation. We are only 7 months into the obama administration.. he has been incredibly productive. How much success have you people seen in the first. 7 months of your job. Please you wouldn't even have been up for promotion. He is running a country not pigly wiggly. Hopefully you are all just old and will stop expressing your ignorant narrow minded, conservative ideaology from now on. You guys are in the minority and amazingly it will stay that way. Conservatism is dead

riteaidbob   July 19th, 2009 12:07 pm ET

Al, CA July 19th, 2009 11:59 am ET

Obama is managing well.

Under GOP, god forbid, we would be already destroyed.
---------------------------

Your not just a fool...your a blithering idiot.

Stop drinking the koolaid and start thinking for yourself.

It's pathetic how the left/dems are so IGNORANT to what this CLOWN and his dolts are doing to this country!

New Yorker   July 19th, 2009 12:07 pm ET

"Goodess,the first 9 comments..." are negative because our situation here in the U.S. is getting worse with this president at the helm. Face reality, like the rest of us who see what this guy is up to. The situation is bleak at best.

annie s   July 19th, 2009 12:07 pm ET

I realize that no one in this forum will give credit where credit is due, but the policies of this Administration HAVE begun to work. It takes time to turn around the poor economic policies of the last 25 years – we're finally on the right track!

GI Joe   July 19th, 2009 12:06 pm ET

I find it interesting that our representatives are always yelling they don't have time to read these things. THEY WRITE THEM.

The CBO had time to read them – maybe our representatives need to do their jobs and quit grand-standing in from of TV cameras.

Also, how is that Sports ruling coming along Sen. Hatch? That is taking time away from what the PEOPLE need.

goodness, the first nine comments are pretty negative   July 19th, 2009 12:02 pm ET

I just got back from a WaMu picnic, over half continue to be unemployed, it is tough not just in Michigan

but even those that are struggling are not half as bitter as the posters her

It is no suprise that unemployment will lag, that is a normal tenant of economic models

It is also no surprise that an economist (a whitehouse economist no less) says we may get better, or we may not

I have no use for economists, I think they got us into this mess in the first place

HOWEVER... we are very lucky to have Obama, he is making the correct moves, we are in uncharted waters and politicians all the way back to the first Bush including Congress all are at fault

So, it all doesn't matter and I enjoy reading your comments BUT it would make a bigger impact if you wrote them to your congressmen (I say this even though I am an Obama supporter)

Geraldo   July 19th, 2009 12:01 pm ET

economy is suck now, exactly like obama it is

marshall   July 19th, 2009 12:01 pm ET

The free fall may be over but it has been reduced to a steady descent it seems. Unemployment rampant and the real rate is closer to 16-18% if you figure in those who were never elegible for benefits, those that have exhausted them, those that have quit looking, and those who are underemployed . Do not forget the new full time now averages 37 hours . America needs jobs and responsible banks giving responsible people and small businesses access to credit otherwise the road is long and winding and perhaps rougher then anyone thought.

Al, CA   July 19th, 2009 11:59 am ET

Obama is managing well.

Under GOP, god forbid, we would be already destroyed.

JD   July 19th, 2009 11:57 am ET

Yet another Obama-naut telling the BIG LIE in hopes that political correctness will assure an end to the discussion.

Sorry, folks...unemployment is still skyrocketing, prices are still going up, and all the Obama administration appears to care about is raising taxes, penalizing the successful, raising energy costs, and engaging in still more political witch hunts against the previous administration.

2012 can't get here soon enough. All members of this misguided administration need to join the ranks of the unemployed.

Steve A. , New Braunfels , Texas   July 19th, 2009 11:57 am ET

This economic recovery is like Bush's/Cheeny's/Rumsfield's war, in the beginning it was supposed to be over in six weeks or so then they told us it's not a sprint it's a marathon and here we are six or seven years later still dreaming of some kind of victory. It's just 10 billion a month forever I guess. Misssion acomplished. Gee Thanks W...

JoblessInSeattle   July 19th, 2009 11:57 am ET

I am not sure if I can believe what Orszag (or Robert Gibbs) says anymore, but in this particular instance I pray he is right.

Alan   July 19th, 2009 11:56 am ET

Tell it to the people that are unemployed and losing everything while you fly around in lear jets drinking wine.

This country voted for change, but if voted for the wrong change. We need to throw these bums out, all of them Dem and Rep, and start electing people that care about America, not just power.

Look at CA if you think that the Obama change is good. It's not working out so well for them!

Jeff   July 19th, 2009 11:51 am ET

I'm sure that Americans in Michigan, where unemploymen is at 15%, are encouraged by these predictions ffrom another of President Obama's underlings. At least when this turns out to be false (like the Stimulus Package holding unemployment at 8% did) the President will be able to say truthfully that he never said the free fall was over.

Randy   July 19th, 2009 11:50 am ET

Yes for Goldman Sachs and the investment banker because poured money all over them and some it stuck. We are now subsidizing them to foreclose on the Americans that need the help. Obama is not living up to his rhetoric.Obama is proving the two party system is worthless if both parties are bought off by the same wealthy families and corporations.

John   July 19th, 2009 11:48 am ET

They're right on the money! Just replace the word "over" with "begin."

Greg   July 19th, 2009 11:47 am ET

Yay!!!! We've very slightly slowed the rate at which the economy is going into the toilet...THAT is Change We Can Believe In! Take to the streets and celebrate! The Recession Is Over! Obama for LIFE!!!!

CJ in FL   July 19th, 2009 11:44 am ET

It's nice to just 'decide' that the freefall is over.

First they say the stimulus is crucial. Then they say it may not work (Bush's fault). Then they say it's working. Then they way things were worse than they thought (Bush's fault). Now they're saying things might be better...or they might not.

FEMALES FOR FEMALES   July 19th, 2009 11:43 am ET

What planet is this cat from?

Va Womyn   July 19th, 2009 11:41 am ET

They have said this at least once a month since January. How about instead of hope and change we get some solutions and stability?

Neil   July 19th, 2009 11:39 am ET

IF the 800 billion plus healthcare reform package that Obama is trying to sell gets approved we will be right back in freefall agian. These guys are married right, I think their wives ought to start managing the federal budget, they obviously can't.

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