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Summers: Recession Is Over

No, it's not, says fellow White House adviser
By Polly Davis Doig,  Newser Staff
Posted Dec 13, 2009 11:44 AM CST
Summers: Recession Is Over
Council of Economic Advisers Chair Christina Romer testifies on Capitol Hill in Washington, Tuesday, March 31, 2009, before the Senate Banking Committee.   (AP Photo/Haraz N. Ghanbari)

(Newser) – Key White House economic advisers split today on whether the recession's over, reports Politico. "Everybody agrees that the recession is over, and the question is what the pace of the expansion is going to be," Larry Summers said on State of the Union. Christina Romer didn't get that memo, however. "The unemployment rate is still 10%," the president's top economic aide said on Meet the Press. "I'm not going to say the recession is over until the unemployment rate is down to normal levels."

story continues below

  • Bailed-out banks chafing against financial reform "is frankly a bit rich," Summers said on State of the Union, suggesting the industry take its medicine.
  • Health reform can pass this week, Joe Lieberman opined on Face the Nation—if Democrats will just abandon the public option, Medicare buy-in provisions, and CLASS Act.
  • Liz Cheney dissed Obama's Nobel acceptance speech on Fox News Sunday, saying: “As we see this president repeatedly go onto foreign soil and accuse America of having tortured people, talk about Guantanamo Bay as an abandonment of our ideals, that part of the speech to me is really, is nothing short of shameful."
(Read more Larry Summers stories.)

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