Last week my boyfriend and I were so irritated that all the channels on our cable TV is reporting that useless news about a boy, and his parent’s baloon. We were highly suspicious and wondering what on earth the media (or rather the US government) were trying to hide that they put so much effort in calling away our attention towards something as silly as the baloon case. We were almost certain that there had to be some more important news last week that the media, for some reason, wanted us to miss. We were right. There was SOMETHING!

Last Thursday, Oct 22, 2009 Obama’s Council Economic Advisors Chief, Christina D. Romer, admitted in Thursday’s Congressional Testimony that the Obamanomics is not only not working but “will likely be contributing little to growth” in 2010.

Apparently according to Romer, the $787 billion stimulus package that the Obama administration proudly launched early this year failed to keep the US unemployment rate under 8%. Tragically, it has even failed to keep it under 10%.

Shamelessly, the same person who on January 10, 2009 outlined that the Obama presidency would be a mighty job creation machine, last week stated that, “Unemployment is unlikely to end the year 2010 much below its current levels.” There goes Obama’s big promise last January to create 3.5 – 4 million new American jobs. Ironically, in her January paper, she stated that every 1% of GDP growth would create 1 million new jobs. Now the GDP is on the rise alright but there are still no new jobs. In fact, Romer stated that, “The unemployment rate is predicted to continue rising for two quarters following the resumption of GDP growth.”

Her October report gets even more depressing as she stated that the Obama White House still hasn’t figured out why businesses aren’t hiring. As she explains the current concern the Obama administration is facing is the growing unemployment rate, Romer mentions that the unemployment problem is “likely to spur calls for further action to stimulate employment growth and cushion the effects of unemployment.”

More stimulus programs? As if the US national debt is not big enough…

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