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ChristinaRomer
GDP at 3.2 Percent: Economy Grows for Third Straight Quarter
By Tom Diemer - Politics DailyThe economy grew at 3.2 percent during the first three months of the year -- the third straight quarter of growth, yet still a little less than expected as the recovery continued slow but steady. Consumer spending, exports and a fewer cuts in business inventories were among the primary drivers of the growth, with the recovery taking hold after the worst economic slump since the Great Depression of the 1930s. The Commerce Department measures growth in terms of Gross Domestic Product, the output in goods and services. The early 2010 expansion fell off from the 5.6 jump in the GDP during the ...
Treasury's Geithner Says Unemployment to Stay High, Even as Economy Grows.
By Tom Diemer - Politics DailyIn diplomatic speak, it's called "cautious optimism." That was the tone set by President Barack Obama's top economic advisers Tuesday as they briefed lawmakers on the nation's economic outlook this year and next. In a joint statement, Treasury Secretary Timothy Geithner and two other top White House aides said the nation's 9.7 percent jobless rate is "unacceptable by any metric" and could even rise a little in the coming months, CNN Money reported. But they also said the economy will add 100,000 jobs per month during the remainder of the year, and 200,000 a month in 2011. That should bring the ...
Federal Reserve Vacancies Spell Opportunity for Obama
By Tom Diemer - Politics DailyThe members of the Federal Reserve board may be nameless and faceless to the general public, but the announcement that Vice Chairman Donald L. Kohn is retiring opens up a huge opportunity for President Obama, who soon will have three vacancies to fill on the central bank's seven-member body. The open seats will likely prompt debate over the priorities of the Federal Reserve: whether to pursue monetary policies friendly to job growth or continue on the path as the nation's chief inflation fighter through tinkering with interest rates. Princeton economics professor Alan S. Blinder said party ...
Christina Romer on Why We Don't Need a New WPA
By Jill Lawrence - Politics DailyChristina Romer, head of President Obama's Council of Economic Advisers, braved the capital's icy, snowy streets to answer questions about her report on the administration's first-year economic record. But one of the first questions she got was about a Senate jobs bill that shrank from $85 billion to $15 billion within hours of its unveiling. Romer adeptly avoided commenting on whether she was happy about the sudden shift by Senate Majority Leader Harry Reid, which surprised Republicans and could cost the measure bipartisan support. Instead, she told reporters at a Christian Science Monitor ...
Officials Say Jobs Will Grow Next Year, but It Will Be a Long Road Back
By Bruce Drake - Politics DailyTop Obama administration economic officials, as well as former Federal Reserve Chairman Alan Greenspan, expressed confidence today that job growth will resume next year, but they cautioned that it will take time until the unemployment rate returns to its pre-recession levels. ...
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