They Admit It: Economic Slowdown Underway

“The Obama-Biden economic adviser who years ago predicted 5.6% unemployment today finally conceded what we've known for some time: the Obama economy isn't working. So while President Obama thinks the private sector is ‘doing fine’ and 8.2% unemployment is ‘a step in the right direction,’ even his economic team is jumping ship.” –Amanda Henneberg, Romney Campaign Spokesperson

Three And A Half Years Ago, Jared Bernstein Co-Authored President Obama’s Stimulus Report, Which Claimed Unemployment Would Now Be At 5.6%:

Before Taking Office, President Obama’s Advisers, Christina Romer And Jared Bernstein, Predicted The Stimulus Would Lower Unemployment To 5.6% Today – But It’s Remained Above 8% For 41 Straight Months. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan, 1/9/09)

President Obama, On Bernstein’s Stimulus Predictions: “The American People Can See Exactly What This Plan Will Mean For Their Families, Their Communities, And Our Economy.” OBAMA: “I asked my nominee for Chair of the Council of Economic Advisers, Dr. Christina Romer, and the Vice President-Elect’s Chief Economic Adviser, Dr. Jared Bernstein, to conduct a rigorous analysis of this plan and come up with projections of how many jobs it will create – and what kind of jobs they will be. Today, I am releasing a report of their findings so that the American people can see exactly what this plan will mean for their families, their communities, and our economy.” (President-Elect Barack Obama, Radio Address, 1/10/09)

But Bernstein Now Argues The Obama Economy Isn’t “Where We Need To Be” And The “Slowdown Is Apparent”:

Jared Bernstein, On The Current State Of The Obama Economy: “Not Where We Need To Be Right Now.” “Still, I’m inclined to believe that we’ve actually settled into a slower trend, as shown in the figure, and that is really not where we need to be right now.” (Jared Bernstein, “Jobs Report, First Impressions,” Jared Bernstein Blog, 7/6/12)

• Bernstein: “The Slowdown Is Apparent Across Many Industries…” “The slowdown is apparent across many industries, including manufacturing, which added 11,000 in June, but averaged 10,000 per month in the second quarter compared to 41,000 in the first.  Even so, continued job gains of even small magnitudes in our factory sector are extremely welcome.” (Jared Bernstein, “Jobs Report, First Impressions,” Jared Bernstein Blog, 7/6/12)

Bernstein: “The Fact That The Unemployment Rates Been Stuck North Of 8% For Months Now Also Confirms The Downshift Diagnosis.” (Jared Bernstein, “Jobs Report, First Impressions,” Jared Bernstein Blog, 7/6/12)

Bernstein Must Be Getting His Cues On The Economy From His Former Boss, Who Claims It’s “A Depression For Millions And Millions Of Americans”:

Vice President Biden, On The Economy: “It’s A Depression For Millions And Millions Of Americans.” “Vice President Joe Biden today offered a blunt assessment of the plight of the unemployed, telling supporters at a campaign rally in Iowa that the economy remains “a depression for millions and millions of Americans.” … ‘It’s a depression for millions and millions of Americans,’ he said.” (Devin Dwyer, “Biden: Economy Feels Like A ‘Depression For Millions’,” ABC News, 6/27/12)