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Goolsbee: High unemployment likely to continue

By Aaron Blake

New chief White House economic adviser Austan Goolsbee said Sunday that unemployment is likely to stay high for the foreseeable future. "I don't anticipate it coming down rapidly," he said during an appearance on ABC's "This Week."

Goolsbee, who on Friday was named the new head of the Obama Administration's Council of Economic Advisers, also said he disagrees with former Office of Management and Budget Director Peter Orszag's suggestion that Democrats extend the Bush tax cuts for the wealthy for two years and then get rid of all of them. He noted that Orszag was making a political argument, rather than an economic one, but that he doesn't agree with the political advantage of such an approach, either. "I don't think that, politically, is correct," Goolsbee said.

During an earlier appearance on "Fox News Sunday," Goolsebee said when Vice President Joe Biden coined the term "Summer of Recovery", he was referring to the projects that would be created this summer, rather than the actual progress gained.

"The vice president was talking about the Summer of Recovery in reference to the recovery act, that you would see the creation of a series of infrastructure and other projects ramping up over the summer, and you did see that," Goolsbee said on Fox News Sunday.

Republicans have repeatedly tried to use the phrase against Democrats, pointing to the continued job losses and weak economic growth. Democrats have acknowledged there is much work to be done, but point to gains in private-sector jobs and other indicators.

At a press conference last week, President Obama was asked whether his administration should have used the phrase.

"I don't regret the notion that we are moving forward because of the steps that we have taken," Obama said.

Goolsbee also blamed the financial crisis in Europe for stunting the nation's economic progress.

By Aaron Blake  |  September 12, 2010; 2:14 PM ET
Categories:  44 The Obama Presidency  
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Comments

Remember this statement? “The U.S. economy is out of the ditch." Now its “Senior White House adviser David Axelrod said the administration's proposed infrastructure spending plan -- in which President Obama has proposed $180 billion in fresh infrastructure spending and business tax breaks -- is unlikely to have much of a positive impact on the economy this year. But he said that the plan is not aimed at winning votes in November's election”. It won’t effect the economy and it is not aimed at getting votes…so what the reason for adding more debt?

Now we have the “NEW GURU” Goolsbee saying “High unemployment likely to continue”. What a revelation. Its no surprise, as the government cannot create sustainable jobs or halt foreclosures no matter how much stimulus money is dumped into the black hole. “Goolsbee - a liberal economist whose academic research is focused on the new economy, government policy, taxes and technology - for guidance about economic issues." Those who can, do; those who can't, teach. Goolsbee is another egotistical, intellectual elitist who has only functioned in academia’s world of theory and research and not the real world. "Everything we've done is designed to stimulate growth in the economy - that's our entire agenda." Unfortunately, Mr. Obama it hasn’t. Your economic advisors just throw more money down that black stimulus hole. Three stimulus packages later and unemployment is still inching up. The only thing Mr. Obama and his policies HAS stimulated is the National Debt!

Posted by: Bockscar | September 14, 2010 8:16 AM | Report abuse

.

Hey Democrats,

Is it Bush's fault still?

BYE BYE

DEMOCRATS

.

Posted by: kstobbe1 | September 13, 2010 3:38 PM | Report abuse

On all the Sunday talk shows we were introduced to the kind of person who filled the important Council of Economic Advisors post -- an interrupting, argumentative, talking head who could sub for Robert Gibbs. But far from someone I would trust with putting folks back to work.

My favorite is his talking point that "no one knew how bad the recession we inherited from Bush was." Well, we hired the Obama administration to get the advice they needed, and if the advisors missed the biggest recession in 80 years, why should we trust them with anything more complex than shouting canned answers at some "news show" host?

Does it frighten anyone else that they haven't gotten a single economic decision right so far?

Posted by: tommariner | September 13, 2010 12:06 PM | Report abuse

The new economic adviser states that the high level of unemployment is likely to continue. He does not seem to have plans to alter the situation rapidly, surely the President could have made a better choice e.g. Krugman, Steiglitz or Roubini.

Posted by: meyho | September 13, 2010 7:38 AM | Report abuse

Here is something that we need to keep in mind. Based on Obama's own projections of the econimic stimulus plan, unemployment would have already been reduced to roughyl 7.5% by now!

So what changes in Obama's projections? And why is his new economic advisor so pessimistic!?! It is just sad, the Democrats haven't a clue, and their policies are a complete and utter failure!

Any liberals who thinks otherwise is clearly delusional or insane!

Posted by: sanmateo1850 | September 12, 2010 11:23 PM | Report abuse

He's so cute! And funny! I'm so glad a guy like this has a sense of humor! This is just what we need in the White house! When things fail, you can just laugh at everything and tell jokes! I'm amazed how this is the guy who will pull the economy back. It's amazing how someone like this understands how to accomplish such a big task. Boy, that Obama administration really knows how to pick em, for sure ! Was Obama in the audience that night? Goolsbee for president 2012 !!! One quick question..... was the Marx comment satire?

http://www.fireandreamitchell.com/2010/09/12/austan-goolsbee-stand-up-comedian-will-lead-obamas-council-of-economic-advisors/

Posted by: zippidy1 | September 12, 2010 7:22 PM | Report abuse

Watching Goolsbee is depressing. He is the Robert Gibbs of economy...just says what Obama does and is Not convincing at all.

I'm not sure that he can really be called an economist.

Another Obama joke on the country.

Posted by: letscheck | September 12, 2010 6:40 PM | Report abuse

LOL Obama has everything under control folks! Please do not worry! Jobs by the tens of thousands will be upon us soon! We must keep the dems in power for this to happen. They will destroy this nation and jobs will be needed to bring it back!

Posted by: usmc1969 | September 12, 2010 6:11 PM | Report abuse

LOL Obama has everything under control folks! Please do not worry! Jobs by the tens of thousands will be upon us soon! We must keep the dems in power for this to happen. They will destroy this nation and jobs will be needed to bring it back!

Posted by: usmc1969 | September 12, 2010 6:08 PM | Report abuse


Goolsbee is also a comedian. Made appearances at the Improv.

He likes the subliminal stuff like Kevin Nealon used to do on SNL.

Posted by: TheBabeNemo | September 12, 2010 5:32 PM | Report abuse


not good news, eh?

i'm glad i missed the sunday talk show circuit today.

VOTE UNEMPLOYMENT EXTENSIONS FOR 2011

Posted by: TheBabeNemo | September 12, 2010 5:05 PM | Report abuse

Here is an interesting editorial written by John R. Lott, Jr. on February 03, 2009. The headline says it all, "Obama's Stimulus Package Will Increase Unemployment"

So what have we seen since Obama got his stimulus package passed? Why an increase in unemployment! LOL! This just show that conservatives were right about Obama's policies, and liberals are wrong!

Stupid liberals! Haven't a clue to what they are doing!!!

Posted by: sanmateo1850 | September 12, 2010 3:59 PM | Report abuse

Here is an interesting editorial written by John R. Lott, Jr. on February 03, 2009. The headline says it all, "Obama's Stimulus Package Will Increase Unemployment"

So what have we seen since Obama got his stimulus package passed? Why an increase in unemployment! LOL! This just show that conservatives were right about Obama's policies, and liberals are wrong!

Stupid liberals! Haven't a clue to what they are doing!!!

Posted by: sanmateo1850 | September 12, 2010 3:59 PM | Report abuse

Here is an interesting editorial written by John R. Lott, Jr. on February 03, 2009. The headline says it all, "Obama's Stimulus Package Will Increase Unemployment"

So what have we seen since Obama got his stimulus package passed? Why an increase in unemployment! LOL! This just show that conservatives were right about Obama's policies, and liberals are wrong!

Stupid liberals! Haven't a clue to what they are doing!!!

Posted by: sanmateo1850 | September 12, 2010 3:52 PM | Report abuse

This should be on the front page. With a really big font.

...Goolsbee also blamed the financial crisis in Europe for stunting the nation's economic progress.....

READ AS:

Obama moves beyond blaming Bush for economic problems.... Now he is blaming Europe...

Anybody else expecting it to be China's fault in time for the 2012 elections?

Posted by: TECWRITE | September 12, 2010 1:55 PM | Report abuse

So, is he saying they went for a strategy that "created projects" rather than one that was interested in "actual progress"?

What a great economic adviser.

Why not just say the original statements are "no longer operative", as Nixon's press operative did?

Posted by: Towson_Tiger | September 12, 2010 12:58 PM | Report abuse

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