Clueless in Obamaland
It doesn’t require a Ph. D. in economics to figure out the economy is just plain awful.
Given recent comments by Obamanomics architect Christina Romer, an advanced degree may not aid economic understanding.
Romer, now-former Chair of the White House Council of Economic Advisers, spoke at the National Press Club. As the Washington Post reported, Romer made some interesting comments:
She had no idea how bad the economic collapse would be. She still doesn’t understand exactly why it was so bad. The response to the collapse was inadequate. And she doesn’t have much of an idea about how to fix things.
Even now, Romer said, mystery persists. “To this day, economists don’t fully understand why firms cut production as much as they did or why they cut labor so much more than they normally would”
Her defense was that “almost all analysts were surprised by the violent reaction.”
C’mon even the Post has to wonder: This is the primary expert President Obama trusted for economic advice?
Romer will take her economic know-how and hands-on experience back to Cal-Berkeley… so she can improperly train future Democrat leaders on economics. Maybe even a future president.
However, Romer’s most important role will be official Obama Administration scapegoat for the dismal economy. But, truth be told she did her job: providing economic advice. Romer may have provided bad advice — and, no doubt, exactly what the Keynesian-trained Obama wanted to hear. But, the president made the decisions.
Isn’t that why Barack Obama wanted to be President?
© 2010 by kens*ten. All rights reserved.