Christina Romer, chairman of President Obama’s Council of Economic Advisers, has resigned her position. (Source)
Why did she quit? Maybe she feels like a failure?
Romer had predicted that Obama’s stimulus package (which she advocated strongly) would keep the unemployment rate below 8 percent or less; it is now 9.5 percent.
Here’s what she shared at her final speech:
At a lunch at the National Press Club on Wednesday Romer gave a farewell speech with four points, each more unnerving than the last:
- She had no idea how bad the economic collapse would be.
- She still doesn’t understand exactly why it was so bad.
- The response to the collapse was inadequate.
- And she doesn’t have much of an idea about how to fix things.
The speech included scary descriptions and warnings:
- “Terrible recession. . . .
- Incredibly searing. . . .
- Dramatically below trend. . . .
- Suffering terribly. . . .
- Risk of making high unemployment permanent. . . .
- Economic nightmare.”
According to Romer, “What we would all love to find – the inexpensive magic bullet to our economic troubles – the truth is it almost surely doesn’t exist.”