Obama’s go-to guys botched economic recovery. Why do they still have jobs?
Barack Obama thinks Ivy League grads who’ve worked on Wall Street have all the answers, which is why he ended up depending on Laurence Summers and Timothy Geithner to pull the country out of its economic tailspin and, arguably, why so many Americans still can’t find work.Geithner, who was joined at the hip with the Wall Street crooks who started the tailspin, is still in denial about how screwed up things are. Summers, who also was thisclose to the crooks, is the bright boy who insisted back in the early days of the Obama administration that unemployment wouldn’t exceed eight percent after the stimulus package passed. The official jobless rate is now at 9.5 percent.
According to The New York Times’s Opinionator blog, Summers disagreed with Christina Romer, the chairwoman of the White House Council of Economic Advisors, over the size of the stimulus bill before it was proposed in 2009. Romer, like Paul Krugman and many other economists, thought the package would have to be worth more than $1 trillion in order to fuel a long-term recovery. But Summers and Geithner, along with Rahm Emanuel, feared congressional opposition and advised the boss to go with what became a $787 billion bill. So here we are with a recovery that has sputtered to a halt and a jobless rate that’s holding steady.
Romer reportedly will resign next month. As TalkLeft put it, “If Obama fails politically, the cause will be his policy failure regarding the size of the stimulus — when he listened to Geithner and Summers instead of Christina Romer.”