Top White House Official Admits Jobs Picture "Still Terrible" …Update: Obama Disappointed His Economic Plan Is a Failure
White House economic advisor Christina Romer announced today that the jobs picture is “still terrible.”
The unemployment rate has spiked to 10% since President Obama took office despite his promise that it would not rise about 8%.
FOX News reported:
A top White House economic adviser said Sunday “you’ll get no argument from” her on the need to improve the miserable jobs picture.
Council of Economic Advisers chief Christina Romer said it’s devastating that some workers have been unemployed for two years and that job losses were continuing nearly a year after passage of the so-called stimulus bill.
The jobless rate remained at 10 percent in December as 660,000 people said they had left the workforce. But Romer couched the news by saying the siphoning of jobs from the market has slowed.
“In the first quarter of 2009, when we first came in, we were losing on average 691,000 jobs per month. With these new numbers in the fourth quarter, we were losing 69,000 jobs,” she said. “It’s still terrible. We’re still losing jobs, and we absolutely have to go from losing any jobs at all to adding them at a robust rate.”
UPDATE: Barack Obama is subdued and disappointed that his economic plan is failing.