The new White House economic forecast contains more than one stunning revelation. Tops on our list is that no net new jobs are expected this year, even as the economy recovers.Read the full editorial at the newspaper's Web site.
One of President Obama's campaign pledges was to "create or save" more than three million jobs in his first two years in office — not all that ambitious considering the economy has created 1.5 million jobs annually since 1980.
Well, so far this year, 1.9 million jobs have been swallowed by the recession. So he's already nearly five million jobs in the hole.
Now, Christina Romer, chairwoman of the White House Council of Economic Advisors, says don't expect any new jobs this year — and that unemployment could reach 9.5%, up from the current 8.9%, even though she expects the economy to grow 3.5% in the fourth quarter.
Originally posted at TONY PHYRILLAS