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Jan-12-2009 01:41TweetFollow @OregonNews
Obama Economic Advisor Addresses the American Recovery and Reinvestment Plan's Job Impact (VIDEO)Tim King Salem-News.com
The bottom line is that recovering from the last 8 years is going to be tough, and without Obama's plan, it would be even harder on America.
(WASHINGTON, D.C.) - Christina Romer, the future head of the Council of Economic Advisers, along with the next vice president’s chief economist, Jared Bernstein, released estimates Saturday of what the Obama American Recovery and Reinvestment Plan would accomplish.
A New York Times Op-Ed by Columnist Paul Krugman, calls the report "reasonable and intellectually honest, which is a welcome change from the fuzzy math of the last eight years." (see: New York Times Op-Ed 1-11-09: Ideas for Obama)
But the report makes it clear that the real needs of the economy can not be met with this plan.
It would not be until the first quarter in 2010, Ms. Romer and Mr. Bernstein say, that the Obama plan would have its maximum impact. But they say that without the plan, the unemployment rate in that quarter would be a whopping 8.8 percent. Under the plan, unemployment in 2010 would be 7 percent — approximately what it is now.
The report predicts that after 2010, the effects of the economic plan would have less impact. They believe that under the plan, the unemployment rate would still be 6.3 percent in the last quarter of 2011.
One person commenting on the Obama Website hailed the integrity of Christina Romer by saying, "Dr. Romer is thinking like a true researcher. She is using reliable data to determine credible solutions. This was an excellent choice. She speaks concerning her advocacy of jobs for women as well. She will see all sides of an issue, and serve as an excellent resource and analyst. I am impressed!!! It infuriates me when plans are developed with a lack of data to support the plans. We should always ask who, what, when, where, and why then consider the action to take. This lady is an action researcher who will employ the basic steps of action research---look, plan, act, and reflect..."
It seems Obama will be trying to balance his resources without going too far to one side or the other. Recovering from the Bush years as everyone knows, will be a long and difficult course.
Here is the video released Sunday by the Obama-Biden Transition Team, showing President-elect Barack Obama's nominee for Chair of the Council of Economic Advisers, Dr. Christina Romer, discussing The job impact of the American Recovery and Reinvestment Plan report released yesterday.
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