The White House is wisely still avoiding a “Mission Accomplished” moment. But there’s still plenty of self back-patting.
Here’s Office of Management and Budget director Peter Orszag in a new interview with BLACK ENTERPRISE:
On the American Recovery and Reinvestment Act of 2009: “One could say that all the growth in the third quarter is attributable to the impact of the recovery act. Another way of putting it is, without the recovery act—given these estimates of its impact—the economy would have been flat rather that growing during the third quarter.”
On the unemployment numbers: “The current state of the labour market is unacceptable in that unemployment remains too high and too many families are suffering. But rather than providing a sense of false precision of exactly when things will turn, I think the more important thing is to be working as hard as we can to accelerate that date.”
On America’s economic outlook: “The jobs market remains quite weak. What you typically see as economic activity starts to pick up, the first place you see it is in productivity growth. Firms are reluctant to even expand the number of existing hours for their existing workers. And so you have higher output, the same amount of hours being worked and therefore, growth in output per hour. That’s what you saw in the second quarter.”
Read the full thing here.