Top Obama adviser 'incredibly confident' economy will turn around this year

[w¡n9Nµ7 §£@¥€r 123]

Christina Romer, the head of the White House Council of Economic Advisers, says she is "incredibly confident" that President Obama's stimulus program will begin bringing the nation out of recession within the next year.

Romer told Fox News' Chris Wallace on Sunday she "truly believe" that by a year from now "we will be seeing the signs that the economy has turned around and is growing again. Of course, it'll take time before we're really back to normal, but I think we will absolutely see signs that everything is working."

http://rawstory.com/news/2008/Romer_incred...bound_0322.html

[fozzie 41]

No matter your political persuasion I hope every one will be delighted if this proves to be the case. I fear however that some would rather Obama fail than for the economy to turn around.

[Mr. Big Dog 10,747]

No matter your political persuasion I hope every one will be delighted if this proves to be the case. I fear however that some would rather Obama fail than for the economy to turn around.

Don't worry, for those that wish him to fail, once the economy picks up steam, they'll argue that it did so despite his economic agenda and that it would have grown sooner and stronger w/o it.

[Peikko 1,575]

I asked about this once, the indicators of success/failure. No one really knew.

As for the economic upturn, I think he's about the only person I have heard say it'll happen this year. Most predictors are going with late next year. Of course, he has to be optimistic, or portray optimism, that is his job

[mawilson 2,133]

No matter your political persuasion I hope every one will be delighted if this proves to be the case. I fear however that some would rather Obama fail than for the economy to turn around.

Don't worry, for those that wish him to fail, once the economy picks up steam, they'll argue that it did so despite his economic agenda and that it would have grown sooner and stronger w/o it.

These things are cyclical. We will come out of it sooner or later by osmosis and Obama will get the credit.

The truth is, fiscal stimulation will have no positive impact on economic growth but leave us with a costly

debt burden. For every dollar the government injects in fiscal stimulation, private demand will decline

by one dollar due to the bond financing.

[peejay 327]

I asked about this once, the indicators of success/failure. No one really knew.

As for the economic upturn, I think he's about the only person I have heard say it'll happen this year. Most predictors are going with late next year. Of course, he has to be optimistic, or portray optimism, that is his job

Economics isn't exactly my forté, but the impression I get from various sources is that the supposed current track we are on errs cautiously on the side of future large increases in inflation vs. deep recession turning into a prolonged depression. Kind of like the old adage, "Pay me now or pay me later".

Time and future historical analysis will tell the tale of whether these decisions now will be regarded as success or failure. Heck...economists and politicians are still debating the Great Depression without a definitive consensus.

One thing is certain....and that is nothing is certain. Our world is a complex place we live in with lots of unexpected surprises and unintended consequences (good and bad).

[mawilson 2,133]

I asked about this once, the indicators of success/failure. No one really knew.

Can you ask again? Maybe I'll know the answer

[Peikko 1,575]

In terms of the 'stimulus package'. Either the Bush one, or the Obama one. I am not in favour of them, whatever way you slice it.

[spookyturtle 9,466]

Stop posting optimistic things here. VJ'ers love misery and pessimism.

[alienlovechild 75]

I fear however that some would rather Obama fail than for the economy to turn around.

Any proof conservatives are somehow really holding the economy back to spite Obama or is more likely Obama and the Democrats blindly squandered trillions on anything that matched their agenda regardless of the state of the economy? They just couldn't let a good crisis go to waste.

Only Obama and crew could be so dimwitted not to understand that if housing prices went low enough, there would be plenty of buyers. Government intervention may help but it's like spend billions of dollars to create millions and pointing the millions as a sign of success.

[mawilson 2,133]

Only Obama and crew could be so dimwitted not to understand that if housing prices went low enough, there would be plenty of buyers. Government intervention may help but it's like spend billions of dollars to create millions and pointing the millions as a sign of success.

Well, as I said earlier, fiscal stimuli are financed by selling government debt (i.e., bonds) to

investors - the same investors who would otherwise have invested in the private sector.

So effectively, what the government injects into the economy with its right hand, it takes it out of

the economy with its left hand via bond financing. One trillion dollars invested in a government

project is one trillion dollars not invested in the private sector.