Obama economists’ jobless predictions off by 2.9 million
By Dr. Eric Fruits, EconInternational
Recovery Report Card – Revised Jobless Predictions: In January, Administration economists Romer & Bernstein predicted that stimulus spending would mean that unemployment at the end of this year would be 7.6 percent.
Now, Christina Romer, chairwoman of the White House Council of Economic Advisers, says that even with the stimulus spending, end-of-year unemployment will be 9.5 percent.
In other words, Romer implies that another 925,000 workers will lose their jobs by the end of the year.
If Romer’s most recent prediction is correct, that means that in “selling” the stimulus package Romer & Bernstein were off by almost 3 million jobs. That is a margin of error of 20 percent.
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