Goolsbee On The Numbers

WH economic adviser says recovery is “a long road out,” but jobs numbers show it’s on “the right trajectory.”

“What everyone missed is the baseline of how deep the hole was as the president came into office. The Congressional Budget Office which is non-partisan and the private forecasters that have looked at the impact of the Recovery Act say that there are more than 3 million people at work now who would not have jobs if it did not exist. I think the fact that we started in the deepest hole in our lifetimes, the deepest since 1929, does mean that it’s a long road out and the president has said many times that the sustainable job creation has to come from the private sector and that we need to do more to get the growth rate higher. But after 9 months of private sector job growth compared with the 4 million jobs lost in the 6 months before the president took office, I think anybody would have to say that that’s clearly the right trajectory. We just need to get the growth rate up. We certainly don’t want to go back to the policies that got us into the minus 4 million.”

Related Topics: Business, Democratic Party, Economy, Jobs, News, Video, White House

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