“We did get some positive news this week,” Romer said of reports that the gross domestic product contracted just 1.0 percent in the second quarter of this year.
“The slowdown is certainly slowing down,” Romer said, comparing the second quarter GDP figure to the 6.4 percent GDP contraction in the first quarter. “But we still have a ways to go before we hit bottom and certainly it’s gonna be a long, hard slog getting out of this.”
“We, like most private forecasters, think that real GDP growth will probably turn positive before the end of the year,” Romer told CNN National Political Correspondent Jessica Yellin, ”but that’s just the first step. You’ve got to start growing again before you start adding jobs. But the other thing is you’ve got to grow quickly to really bring the unemployment rate down.”
With the national unemployment rate hovering just under ten percent (and expected to climb in the next jobs report), and with President Obama saying in his weekly address that he will not “rest until every American who wants a job can find one,” Romer also said that a further extension of unemployment benefits is on the table in discussions between the Obama administration and Congress.
Romer also said Sunday that the administration still believes Obama’s $787 billion stimulus package will save or create 3.5 million jobs by the end of 2010 as originally anticipated.
Finally, Romer said the administration continues to work on financial regulatory reform intended to prevent another near collapse of the financial system like the one that occurred last fall.
“We are working very hard on this,” Romer told Yellin.
“I don’t promise anything for the Congress,” Romer said when asked whether she could assure that the financial reforms would be enacted this year.
“We’re going to absolutely do everything we can,” said Romer.
I agree. The pit that we're in had 8 years of straight digging.
It is going to take a while to get out of it, but I support you every step of the way Mr. President. I'm very proud that we have a focused, intelligent leader in the white house, and I'm confident we'll get through this.
You go, Mr. President! The Republicans may see some benefit in opposing your every attempt to make life better for average Americans, but the American public is behind you.
"Mission accomlished" said GWB...then.. and now Is Obamas' turn
"The R is over" Yes, Virgina there really is a Santa and if you are
good he will visit you not only in December but also in August...!!!
Especially when they waste about a trillion dollars by giving it to George Soros, ACORN and the unions. What an evil bunch is running this country, the most evil and corrupt administration in history.
If they could find a way to repeal the $787 billion stimulus package, then they would be on the road to progress.
No more corporate bailouts or entitlements to illegal aliens, and stop declaring war on the American middle class!
Well, one thing is for sure. We certainly can't count on America's very disappointing generation of business leaders for anything. Throughout this entire recession, I have heard nothing but whining from America's corporation leadership. Not one spark of leadership in the whole bunch.
If government doesn't do it, I guess it just won't get done.
What a difference a President makes. Nearly 10% Unemployment and the economy contracted 1% in the 2nd Qtr meaning we are still deep in recession. But according to Obama everything is coming up roses and the media is singing his tune. Can you imagine if George Bush tried to spin this kind of news into a positive story. He would have been hooted out of town. Only in Obama's America is a corrupt stimulous package, more debt and printed money than in the hsitory of the world and an ongoing recession and 10% unemployment good news.
Every time I think of GWB and this economic mess he created I get angry because we paid this man for a job he clearly wasn't qualified to do and therefore he did nothing. Absolutely nothing but lie and got thousands of our American soldiers killed based on lies.
Yes, it is going to be long and hard, but I think this President can do it and I just hope and pray that this country gets behind him and quit listening to some of vile and incorrect things that are being said on TV and in the print media. This man has ONLY been in office 6 months for God's sake. He cannot work miracles. It took years and years for our country to get to where it is today and yet most Americans think it should be corrected already. This cannot happen no matter who is in office, be in Democrat or Republican. I am sickened when I listen to some of the vile things on TV coming out of the mouths of Republicans. Things lilke were all going to die. For the love of God, these people should not even hold a government office. I am going to stand by my President, be he Democrat or Republican, because I love my country and I want to see her be what she once was and I truly believe in my heart that Obama can do it, but he needs our help. We need to gather as one all across America and yes, if need be, we need to march on Washington to get health care reform. Stand up real Americans and lets get our great nation back on track.
The economy is right where it was when Obama was elected so no we have not gained anything. We really went depper in the hole and have came back where we were except for the billions we don't have that we would have if he wasn't our president.
Things run in cycles. The economy will adjust itself when people start acting sensibly. The president doesn't control the economy as a lot of people think.
OBAMA – tell your followers to stop the hate speech.
I've defended McCain on many left leaning websites, specially when it concerns a campaign that picked Gov. Palin.
Your saddened? I'm saddened by the sight of a true patriot kowtowing to the lowest common denominator of a political party.
Is Sarah Palin really the best the Republican Party has to offer? Really? With a country in a crisis not seen during most of our lifetimes, Sarah Palin has the mind...AND conviction to fix it? With issues so complex does Gov. Palin have the verbal skills to walk us through it?
Unfortunately, the Maverick has gone "mavericky"
Compared to Sen. Kennedy, fighting from the grave for his beliefs, Sen. McCain is looking more like the lead lemming headed for the cliff.
I guess it will become Obama's economy the day it turns around.
And with all the spending and not one job hasyet been created things are only going to get worse. I wonder how long till the happy Obama loving sheep realize what a inept failure he is?
How's that change coming suckers?
Obama adviser? Long Hard Slog. Everybody knows that.
He started it! The moment that investors knew he would be elected, everything went bad. "He", is the bacteria...
Republicans are gambling that the economy will not recover in 2010 in time for midterm elections? That is what is motivating them to say no to every bill. But what are they going to do if things shape up and the jobs are back. How will they spin this? Today Bill Bennett gave me a clue with his "American workers and US economy are resilient" attributing this to the latest GDP numbers; that's their story and they will stick with it. Now, I happen to think the president is setting republicans up for 2010 because the administration know things are better then what is being reported. My advice to republicans is be careful you don't overstep with your pessimism and give the man credit when credit is due.
listen. at least these people aren't trying to pull the wool over our eyes lime previous administration. if you all think it's goiing to be a quick fix. get a grip. and don't for for the lies and hype the other side is pushing. they didn't have any answers except for the same failed policies of the past. they won't acknowledge they see progress. just continue to beat the dead horse.
sorry for mispelling etc cell phone has mind of it's own and sometimes plays tricks
lol.and the joke is on us! ...As if we really didn't know this way coming....do I smell a tea party? :-)
I like Romer, but like almost all orthodox economists she's ignoring a huge flaw: how is infinite growth possible in a finite world?
It's not. We're long past the point where we need to cast off GDP-growth targets and segue to a sustainable model, such as SSE (steady state economics) with increasing *quality* of goods , but not increasing *quanity*.
Good intro to this is at steadystate.org, or Google the works of economist Herman Daly.
DOW (cn) N. Says Down....
My faith is not in the President, His Advisor or anyone else but GOD because HE is the only one who really knows when this economy will get right. Dont get me wrong i support President Obama but im smart enough to know that he cant do everything, like some people think and when they get disappointed they turn against him.But wait! isnt thats how we do GOD. I thank GOD that this President was chosen But i also Thank GOD for JESUS!
Jackson is Dead. Nobody wants to go back to Jackson.
Not even Jonnie Cash...
Obama and his people waste a trillion bucks on a so-called "stimulus" and they're already making excuses for its abject failure.
The truth of the matter is that there was no chance in the first place the "stimulus" would ever stimulate anything but the national debt and inflation, both of which depress, rather than stimulate, the economy.