Is the recession over? Obama’s advisers differ
Is the economic recession over in the United States? It depends on who you ask, even among President Barack Obama’s advisers.
“Today everyone agrees that the recession is over. And the questions are around how fast we’ll recover,” Larry Summers, the director of the National Economic Council, told CNN on Sunday.
But wait a minute. Not everyone agrees.
Senior White House economist Christina Romer, asked the same question on another television program, said “of course not.”
She acknowledged that the United States may have turned the corner under the official definition of recession, because economic growth has returned.
“But what the president has always said, and I firmly believe: you’re not recovered until all those people that want to work are back to work,” Romer told NBC’s “Meet the Press.”
She said the U.S. jobless rate, now at 10 percent, might even go up again before it heads down.
“I’m not going to say the recession is over until the unemployment rate is down to normal levels … where we were before the recession … certainly in the 5 percent range.” This, she noted, could take a long time.
Senate Republican Leader Mitch McConnell seemed to lean more toward Romer’s point of view.
“The 10 percent of the Americans who are without work don’t think it’s over,” he told CBS’ “Face the Nation.” “Unemployment is the key.”
Who do you think has it right, Summers or Romer?
Photo Credit: Reuters/Nicholas Roberts (Summers)