White House forecast: no roaring economic recovery in 2010

Source: Christian Science Monitor

The White House predicted modest growth in its annual economic forecast, warning that a revival of job growth may not bring a big decline in unemployment.

Christina Romer, President Obama's chief economist, forecast average job growth of 95,000 jobs per month. That target is in line with many private forecasts, though the government's monthly job tally has yet to shift from negative to positive.

The report follows a year when Ms. Romer and the Council of Economic Advisers, which she heads, had proved too rosy in their forecasting. Unemployment shot up to 10 percent in 2009, well above White House predictions.

The current Economic Report of the President may err on the side of caution. Often after a deep recession the economy is able to generate a stronger rebound than the 3 percent growth rate the report calls for in 2010. Last month, the unemployment rate dipped to 9.7 percent, from 10 percent. And some private forecasters believe that job growth could soon begin, reaching a pace of 200,000 to 300,000 jobs per month.

Romer and her team acknowledge the uncertainty surrounding any forecast, noting that the recovery could also prove more disappointing than they predict.

Read more: http://www.csmonitor.com/USA/2010/0211/White-House-forecast-no-roaring-economic-recovery-in-2010

For Main Street.

But they'll keep funneling money to Wall Street hoping it eventually trickles down.

Thats a nice change from the past, isnt it?

Even though Baucus is seemingly trying to kill whatever is out there now.

What would we do without them?

edited for typo

Sheesh.

:eyes:

Source: Washington Post

The president's advisers say they were intentionally conservative in developing the forecast, and think the situation could be improved through legislation being considered in Congress aimed at generating jobs.

"There is a lot of uncertainty," said Christina Romer, chairman of the White House Council of Economic Advisers, in an interview. "As we still don't know what form any further targeted initiatives on jobs might take. I think something along the lines of a new jobs tax credit could have tremendous upside potential and really ignite private sector hiring."

The document frames the nation's great economic challenge over the coming years as one of rebalancing -- a notion many economists across the ideological spectrum tend to agree with -- so that the economy is driven more by exports and business investment, and less so by housing, consumer spending and financial engineering.

It also contains a bit of chest-thumping about the role of the Obama administration's policies in helping get an economic recovery going. "Even as we worked to address the crises in our banking sector, in our housing market, and in our auto industry, we also began attacking our economic crisis on a broader front," President Obama wrote in a letter presenting the report to Congress, referring to the $787 billion stimulus bill enacted a year ago. "Because of these and other steps, we can safely say that we've avoided the depression many feared."

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/02/11/AR2010021104655.html

and exposes their soft underbelly to a GOP that feels no restraint in tearing them apart to win an election this year.

is what it might as well say.

obama has been an even bigger disappointment than clinton ever was.

what a useless turd of a potus.