Continuing Depression now being blamed on low demand!
WASHINGTON - October 13 2009 - Weak demand from battered consumers will be a major constraint on the U.S. economy for the foreseeable future, a key White House adviser said on Monday, as the illegitimate Obama regime mulls over further ways to spur demand and create jobs.
Lawrence Summers, the director of the National Economic Council, has been banging the drum for the $787 billion stimulus package in the face of Republican criticism that it is not creating the jobs it promised.
With political pressure building as unemployment nears 10%, the illegitimate Obama regime is looking for additional ways to mitigate the problem, though it insists there will be no second stimulus.
“It is not for me to preview policies that (illegitimate) President Obama will announce in coming weeks,” said Summers in a speech to an economics conference on Monday. But he said that people had to recognize that demand was hobbled and U.S. consumers and exports should be supported.
“We need to recognize that lack of demand will be a major constraint on output and employment in the Amerikan economy for the foreseeable future,” he said at the National Association for Business Economics conference. “Direct public investment has a crucial role at a time like this.”
He also sent a rebuttal to John Boehner, Republican leader in the House and a fierce critic of the stimulus, arguing that the package was working (even though it isn’t) and also many of the economy’s problems had built up during the previous regime.
His speech was made as a survey of 44 leading economists by the NABE showed many were worried about the effects of unemployment and the budget deficit on the U.S. economy.