This is not exactly news to anyone with a pulse, but it’s notable I think for such a prominent former member of President Obama’s economic team to be so blunt about the current state of the economy. This is Christina Romer, former Chair of the President’s Council of Economic Advisers, speaking at Washington University in St. Louis on April 12, 2011:
Romer, if you recall, was the author of that infamous report on what the anticipated effects of the Recovery Act would be on employment. You know, the one which included this chart:
Yeah, Romer ended up being just a wee bit off the mark with that forecast. But it’s nice to see a measure of honest analysis from her now that she is out of the Administration. However, I think she misses the mark in referring to the state of the economy as a “growth-less” recovery. Calling it a “recovery-less” recovery would be more accurate, especially for the many millions of Americans who are still looking for work or are otherwise dealing with the effects of the downturn. (And is there any better example of how disconnected from reality people like Romer are than how cheerfully she delivers her lines in this clip?)
It probably won’t surprise you to hear that Romer’s prescription for addressing the continued weakness in the economy is, you guessed it, even more stimulus.