Jared Bernstein and Christine Romer (both with “doctorate” in tow) are the Bamster’s chief economic advisors. They’ll appear to be economy whores as they’ve taken money to sell their souls to the “One” in order to promote his pablum for the masses. The state-run media struggled to find a way to swallow it.
….during the Q&A, Jake Tapper of ABC says, “In January you and Dr. Romer issued your recommendation for the stimulus. It turned out to be rather optimistic. I think it’s fair to say you said without the stimulus the unemployment rate will be just over 8%. Obviously it’s 9.4% with your stimulus. How do you explain that?”
BERNSTEIN: That was before we had fourth quarter results on GDP, which we later found out was contracting at an annual rate of 6%, far worse than we expected at that time. Were this plan not to be implemented as I’ve described and as Dr. Romer and I articulated back then, in the absence of the plan, job losses would have been deeper from whatever level they started, job losses would have been deeper, the unemployment rate would have been, by our estimates by the end of next year, would have been between one-and-a-half and two points higher than it otherwise will be. So those estimates that we are touting today and the estimates that you hear us talk about, that’s the difference between what would have happened to the job market, the unemployment rate were this plan not in effect and the actual outcomes of jobs. Now, looking back, it was clearly too optimistic.
People like me, the ordinary citizen, could easily buy this pablum if they are not paying close attention. And let’s admit it, many do not pay close attention to what is being spewed from the Obama-campaigners from the state-run media. The fact is that the Bamster is destroying this country so rapidly, it makes one’s head spin. He’s caused us to lose over 1.8 million jobs with 9.4% unemployment (an all time high in the last 25 years) in the time-span of a few months. But, doggone it! He’s SAVED 150,000 jobs! So if we use Berstein’s formula on the 8 years with Bush, what do we get? From Rush:
Ladies and gentlemen, I’ve had my own economic team reviewing the eight years of the George W. Bush presidency, using the Jared Bernstein economic projection formula. The final figure is in! George W. Bush was the greatest economic leader in decades. His economic plan, his tax cuts, created and saved over 32 million jobs. He created or saved four million jobs a year for eight years following 9/11. Create or saved 32 million jobs, unprecedented in American presidencies. By contrast, President Obama’s so-called 150,000 jobs created or saved — or even his so-called 600,000 jobs created or saved — is a national embarrassment. George W. Bush, using Jared Bernstein’s own formula, has created or saved 32 million jobs over the course of his eight years in the White House.
Let’s just for a moment, look at the spending the “One” has enabled in his short 5 month tenure as POTUS: