Jeremiah Films
• Obamanomics
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What people are saying
[...] President Obama's chief economics forecaster said on Sunday that the country was not likely to see positive employment growth until 2010, even if the economy began to grow later this year. Speaking on C-SPAN, Christina Romer, chairwoman of the White House Council of Economic Advisers, said that she expected the G.D.P. to begin growing in the fourth quarter of this year. Ben S. Bernanke, the Federal Reserve chairman, made a similar prediction last week. But Ms. Romer also said that she expected unemployment to rise even after the economy turns, saying that the G.D.P. has to grow at a rate of about 2.5 percent before unemployment will fall. Before that happens, she said, it is "unfortunately pretty realistic" that the unemployment rate could reach 9.5 percent. A reasonable estimate for the G.D.P.'s growth rate in 2010, she said, is three percent. Robert Reich, who served as labor secretary under President Bill Clinton and advised the Obama campaign, said on Sunday that the rate of growth would have to be higher -- 4.5 percent -- to reverse rising unemployment.[...]
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