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Summers: Economy Still Contracting

By Matthew Vadum on 4.27.09 @ 4:30PM

Finally, some honesty from the Obama administration about something.

The U.S. economy will continue to contract "for some time to come," says Lawrence Summers, director of the White House National Economic Council.

"I expect the economy will continue to decline," with "sharp declines in employment for quite some time this year," Summers said yesterday on "Fox News Sunday."

Comments

Pingback| 4.27.09 @ 5:00PM

Summers: Economy Still Contracting | But As For Me links to this page. Here’s an excerpt:

…honesty from the Obama administration about something. The U.S. economy will continue to contract “for some time to come,” says Lawrence Summers, director of the White House… → Read full article… Summers: Economy Still Contracting Tags: economy, Honesty, Lawrence Summers, White House Leave a Reply Click here to cancel reply. Name (required) Mail (will not be published) (required) Website…

Bob| 4.28.09 @ 10:39AM

Vadum, you haven't been listening, have you. The Obama administration have been saying that the economy will contract probably to the end of the year since before Obama took the oath of office.

This is a quote from Obama in March:

""We'll recover from this recession, but it will take time, it will take patience and it will take an understanding that when we all work together"

Besides, if you took the time to look at the assumptions in the Obama budget, you'll see they projected a rise in unemployment until the end of this year.

You haven't been listening, Vadum...

Pingback| 5.14.09 @ 12:22PM

Obamacare Means Healthcare Rationing, Summers Says « NewsReal Blog links to this page. Here’s an excerpt:

Summers Says Filed under: Health Care — matthewvadum @ 12:21 pm After Lawrence Summers, director of the White House National Economic Council, admitted that the U.S. economy will continue to contract “for some time to come,” yet more truth manages to escape his lips. As John Lott, a senior research scientist at the University of Maryland, notes, on TV recently Summers clearly implied…