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Dec 11 10 1:41 PM
Q Thank you, Mr. President. Back in July, your budget office’s Mid-Session Review forecast that unemployment would be 7.7 percent in the second -- in the fourth quarter of 2012. Will this package deal lower that projected rate? And also, is it going to do more to boost growth and create jobs than your Recovery Act.
THE PRESIDENT: This is not as significant a boost to the economy as the Recovery Act was, but we’re in a different situation now. I mean, when the Recovery Act passed, we were looking at a potential Great Depression and we might have seen unemployment go up to 15 percent, 20 percent -- we don’t know. In combination with the work we did in stabilizing the financial system, the work that the Federal Reserve did, that’s behind us now. We don’t have the danger of a double-dip recession.
http://www.whitehouse.gov...ess-conference-president
From the White House, December 8, 2010 . . .
The following day, White House official Larry Summers, National Economic Council Director, stated that the danger of a double-dip recession would be greatly increased if the tax compromise was not passed into law.
http://blogs.abcnews.com/politicalpunch/2010/12/white-house-failure-to-pass-tax-cut-compromse-bill-would-significantly-increase-risk-of-double-dip-r.html
Hope and change . . .
later. iowan15
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