Economic Recovery Becomes Summer of Discontent

August 9, 2010 04:25

The Obama Administration’s Summer of Economic Recovery on Friday became the Summer of Economic Discontent as the Labor Department released figures that showed that the U.S. economy shed 131,000 jobs in July, the second month in a row where the nation loses jobs.

FULL STORY at The Americano

In anticipating the worse than expected economic numbers, The White House announced late Thursday that Christina Romer, chair of the White House Council of Economic Advisers, had resigned, effective Sept. 3.

Romer was instrumental in crafting the $862 billion economic stimulus package that Obama signed shortly after being sworn into office. She co-wrote a paper that predicted the stimulus would prevent unemployment rates from rising above 8 percent, a stance that has come under attack by Republicans who call the package a failure.

The jobless rate has hovered near 10 percent and Romer’s most recent forecast predicts that it will not drop below 8 percent until the end of 2012. On Friday it remained at 9.5 percent for the month of July, but the numbers behind it were grim indeed.

FULL STORY at The Americano

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