President Obama’s top economic adviser, Christina Romer, said in her final speech in that capacity yesterday that “there is widespread agreement that the act (so-called stimulus bill) is broadly on track.” Another Orwellian attempt to make true what is not by saying it is despite the instinctive knowledge by almost all not in denial that it is false. Truly galling, especially to the millions suffering from unemployment or underemployment. They are the ones from personal experience, not the ivory tower and its theoretical exercises — from whence Dr. Romer came and to where she returns (UC-Berkeley) — who truly know how off track the president’s policies are.
Today, the news media reported on the final speech of President Obama’s outgoing economic advisor. What Ms. Romer said helps explain why our economy is so bad. Defending the failed $814 billion stimulus boondoggle, she actually said, “there is widespread agreement that the act (Stimulus bill) is broadly on track.”
What planet is this lady on? Jobless claims are through the roof, unemployment is still almost 10% with 500,000 initial jobless claims, the stock market is plunging again, existing home sales fell 27% in August and new home sales fell 12% (always a key economic indicator), automobile sales fell 25% in August (we knew government run “cash for clunkers” was not genuine prosperity). I could go on.
Is the President’s top economist leaving to go back to business in the private sector? Uh, no. She’s going back to her academic perch at the University of California-Berkley. At least we just figured out the planet.
Reminds me of a famous quote that goes something like this: There are no experts in government. If there were, the private sector would’ve hired them by now. Ms. Romer and the Keystone Cops who comprise the Obama administration — most of whom have never worked in the private sector (Wall Street Journal’s Washington Wire blog) — are, sadly, fitting that bill.