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As this article points out, it's time for the administration, congress and the senate to admit Obamanomics has failed so we can move on to an economic plan that has a chance to fix this mess. The problem is, it will never happen. Obama and the democrats will keep leading this country into economic destruction no matter how bad things get, in order to protect their radical, progressive agenda. It's politics first and the country second with this bunch.
Time to admit Obamanomics has failed | Washington Examiner
Time to admit Obamanomics has failed
Examiner Editorial
August 8, 2010
It's no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday's brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it's easy to see why she would start looking for the exits.
Romer is best known for drafting the February 2009 report "The Job Impact of the American Recovery and Reinvestment Plan," which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included). Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That's not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.
Time to admit Obamanomics has failed | Washington Examiner
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