On the talk shows today, we got competing views of whether or not the recession is over -- from two of the top economic advisers to the President.
Of course, Larry Summers thinks things are better. Wall Street is booming and he (along with Geithner) personifies the Wall Street perspective:
Appearing on ABC’s "This Week," Larry Summers, the White House’s top economic adviser, defended the president’s economic record and predicted unemployment rates to decrease significantly in just a few months.Actually, not "everybody agrees." In fact, Summers' colleague, Christine Romer, had a different take, since millions of Americans are suffering:
“Today, everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be,” he said.
“For the people on Main Street and throughout this country, they are still suffering, the unemployment rate is still 10 percent,” she said on NBC’s "Meet the Press."In this administration, as Chris in Paris as so often pointed out, we've usually seen Wall Street win.
Romer also said the jobless rate could go up before it comes down.
“I would anticipate some bumps in the road before [a full economic recovery],” she said.