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Thursday, October 22, 2009
Romer: Impact of stimulus will level off next year
By JIM KUHNHENN
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The government's economic stimulus spending has already had its biggest impact and probably won't contribute to significant growth next year, a top White House adviser said Thursday.

Christina Romer, the chair of President Barack Obama's Council of Economic Advisers, said the initial jolt of the $787 billion stimulus expanded the economy in the second and third quarters of this year. But she said the remaining spending will simply keep the economy from slipping.

"By mid-2010," she said, "fiscal stimulus will likely be contributing little to further growth."

That assessment underscored the fragility of an economic recovery marked by stubbornly high unemployment.

Romer said the government has already spent $194 billion of the total stimulus package, most of it in tax cuts, aid to states and unemployment and food stamps. In addition, she said, $146 billion of spending had been already obligated.

Romer, testifying before Congress' Joint Economic Committee, said that as of August the stimulus had created or saved 600,000 to 1.5 million jobs. She said a premature end to the stimulus would be "misguided."

"This is not a normal recovery," she said. "Coming out of this, we've got lots of things working against us," she said.

Unemployment will remain high, at or above 9.6 percent, through the end of 2010, Romer predicted.

"While job losses will likely end early next year, robust job gains may still be several quarters away," she said.

The pace of the recovery and the unyielding jobless numbers pose significant political and policy problems for the president and for congressional Democrats who face midterm elections next year.

The administration and Congress are confronting competing demands to spend more money to create additional jobs and a desire to confront rising deficits and a burgeoning national debt.

Republicans were skeptical of Romer's claims of stimulus success. Continued...

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"Jolt" my extra hairy butt...
... and. "level off" is not what will happen to this regime just as soon as the public nipple sucklers figure out they will not be receiving those payments in exchage for their votes their messiah had promised them. It will be more like sinking faster than Jimah Carter's regime back in '80 ...

... and, when this same bunch of hyphenated-American public nipple sucklers wake up to the fact he'll be handing them a major tax increase that will prevent any future tax cuts for generations to come.

Perhaps the NObamaElMessiah regime will be put in the same position they have all of America in...

Pants down around their ankles, broke over like a breech loading bird gun ready to receive.

What
Biggest IMPACT EVER

Please can someone show or tell me what the HELL THAT MEANS

All I have seen is 6 million people still unemployed and all they are worrying about is Health Care and cutting Billions from MEDICARE and our SENIORS

We Conservatives know where that PORKULUS MONEY IS AND WHAT IT WILL BE USED FOR

REELECTING LIEING TWO FACED LIBERALS IN 2010

I recall around 2005 the Republicans wanted to cut 10 billion from Medicare and NOT ONE SINGLE LIB SUPPORTED THAT, WHERE ARE YOU LIBS NOW THAT THEY WANT TO SCREW OUR SENIOR CITIZENS BY CUTTING 400 BILLION LET ME REPEAT THAT 400 BILLION(BACUS BILL) FROM MEDICARE AND NOT A PEEP FROM YOU LIBERAL IDIOTS

What Party do yall claim to be from?


LIKE BILL CLINTON SAID ITS THE ECONMY STUPID

TOO BAD HIS PARTY FORGOT THAT
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