Available evidence shows the U.S. economy is in shambles -there's
a 20% chance we'll have a
depression- yet the Obama administration's
stated views on the condition of the economy change from day to
day depending on the audience.
A week ago White House Office of Management and Budget (OMB)
director
Peter Orszag told reporters "fundamentally, the economy is
weak."
But then there was a miraculous turnaround, at least
rhetorically, as President Obama osculated the posterior of
Chinese premier Wen Jiabao whose bond holding government is
justifiably nervous about the solvency of the U.S.
government.
In the absence of actual evidence and contrary to every statement
he made about the economy while he rammed his so-called stimulus
bill through Congress last month,
President Obama said Friday: "if we are keeping focused on
all the fundamentally sound aspects of our economy, all the
outstanding companies, workers, all the innovation, and dynamism
in this country, then we're going to get through this. And I'm
very confident about that."
White House chief economic adviser Christina
Romer echoed her boss's words Sunday, saying that
fundamentals of the economy are "sound."
"The fundamentals are sound in the sense that the American
workers are sound, we have a good capital stock, we have good
technology," Romer said on "Meet the Press."
Maybe OMB's Peter Orszag didn't get the memo from David Axelrod.
