- Obama Economic Advisor Larry Summers: “Everybody agrees that the recession is over.”
- Obama Economic Advisor Christina Romer: Of course the recession isn’t over.
Ooops!
Kudos to David Gregory for asking tough questions on the stimulus. Giving credit where credit is due. Romer’s answers on everything else (beside her response on whether or not we’re still in a recession) are a complete spin on the supposed “good” coming from these massive Keynesian government spending solutions that clearly are not working. Schiff is right: the government is merely postponing and elongating the hit we need to take for the market to correct itself. Government intervention is merely distorting the imbalances that the free market is trying to fix (albeit even more painfully now that the government is making the future pain worse). These economic advisors in the White House are complete spin doctors.
