...despite the temporary "mess" it's in, so says the White House economic adviser, Christina Romer.
Is this deja vu? Did I hear this somewhere before? Did someone get ridiculed for making this statement some time ago? Short answer is yes.
Then Republican Presidential Candidate John McCain made these statements on Monday, September 15, 2008: "the fundamentals of our economy are strong"even though as he described "tremendous turmoil in our financial markets and Wall Street." Although at the time the U.S. economy was experiencing relatively low unemployment (6.1%) and had seen some modest growth. On this same day the Dow Jones Industrial Average plummeted by 498 points or 4.4%. Barack Obama's campaign issued this statement to those comments: "Today of all days, John McCain's stubborn insistence that the 'fundamentals of the economy are strong' shows that he is disturbingly out of touch with what's going on in the lives of ordinary Americans...apparently his 26 years in Washington have left him incapable of understanding that the policies he supports have created an historic economic crisis."Now the Obama administration would have you believe that the economy is sound? We have lost over 12% off the DJIA since January 20, 2009. Unemployment currently sits at 8.1% and we are to believe that the economy is sound! This from the same president who wrote in an op-ed piece in the Washington Post that the "recession could linger for years and our economy could lose 5 million jobs." Did something happen this week that I missed? Was it because we had the best week in many months on Wall Street they came to this conclusion? That I doubt since our President told us to not look at the "gyrations" of Wall Street as a measuring stick. I can't understand it. What a difference a day makes.
There is a silver lining is this announcement though. And that is finally this President and his team of "know-it-all's" have finally wised up and ceased with the FEAR tactics. I blogged about Obama's Hope over Fear a month ago. But it seems as though someone somewhere finally got to them and gave them a clue. If you keep saying its bad then it will continue to be bad. They may be trying a little psychology here with this sound economy strategy. Let's see, it just might work. I want to think that he is now trying to lead instead of scaring us into believing that it will get better even though he has now used FEAR on our food supply, but that's a story for another day. And maybe Santa Claus will come down my chimmney on April 15th too!
That's my word! Please post yours!