Reuters is reporting that White House economists see jobs growth by spring:
“I believe that, as do most professional forecasters, that by spring, employment growth will start to be turning positive,” Lawrence Summers, director of the White House National Economic Council, said on ABC’s “This Week.”
If most professional forecasters see employment growth by spring, then we can safely say that the exact opposite will be true. We refer our readers to previous professional forecasts from the FDIC and Ben Bernanke, as well as the unemployment forecast from professionals in early 2009.
The professional forecasters that foresee job growth by Spring must not have spoken with Mr. Bernanke recently, who says He Cannot Guarantee Double-Dip Recession Won’t Happen.
More from professional White House economic forecasts via Reuters:
Christina Romer, chairwoman of the White House Council of Economic Advisers, told NBC’s “Meet the Press” that there could be job increases in the first quarter of next year.
But Romer also said that even if payrolls begin to grow, the unemployment rate could go up again before it goes down as better prospects for employment attract more job seekers to the market.
Romer said the numbers “certainly do bounce around. I would anticipate some bumps in the road as we go ahead.”
Yes, there will certainly be some bumps on the road.
The question is, will the bumps look like this:
Or will they be more akin to:
If history is any guide, we’ll be traversing image #2, so we’d recommend MRE’s, a water filter, some warm clothes, hand warmers and backup oxygen.
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Pure BS, except for government parasite jobs that shaft the taxpayers.
At the risk of turning this into a non-family friendly discussion forum, all I will say is that I can already hear the roars from the crowd…
“BULL$#!^!!! BULL$#!^!!!! BULL$#!^!!!!!”
I chanted as I read it 🙂
BTW — since we use the word underneath the logo already, it’s all good!
Ok, why are we listening to White House economic advisors anymore? Any “forecast” is always going to be rosier than reality given that either the mid-term or presidential election cycle is always right around the corner. It’s kind of like the National Association of Realtors saying that now is a good time to buy a house. Can you say self-interest?
There is no indication that jobs, meaningful highpaying quality jobs, are ever going to come back to this country. We are still bleeding construction and engineering and technology jobs at an alarming pace thanks to outsourcing and globalization. There is no evidence that this trend will reverse itself let alone slow down. So what are these “economists” smoking?
I can’t remember where I saw it, but recently there was a consensus from a panel of economists that it would be at least 10 years before jobs would come back. Despite the laughable timeline of this given that fact that officially we are already in the midst of the great “jobless recovery”, I have a problem understanding how the banking system, credit markets, and the great American consumer can keep the party going for another 10 years while jobs continue to go AWOL.