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Romer: The Growthless Recovery

BEGIN TRANSCRIPT

RUSH: Here's Christina Romer, April 12th, earlier this year, Washington University in St. Louis. She is the former chairwoman of Obama's White House Council of Economic Advisors.

ROMER: If you ask me, I think what we're experiencing isn't in fact closer to a "growthless" recovery than to a jobless one. Because GDP started to grow more than a year and a half ago, but with the exception of just a couple of quarters, growth has not been noticeably above its trend rate of about 2-1/2 percent a year. I don't rejoice at the news that we added 216,000 jobs in March. About a hundred thousand of that 216,000 is needed every month just to keep up with the growth in the labor force. At this rate of job growth, it would take most of the decade to replace the eight 8-1/2 million jobs that were lost in the recession.

RUSH: It's worse than that, but at least she got pretty close to that. But how about the notion here of a "growthless recovery"? There's no such thing, folks, as a "growthless recovery," by definition. But this is what she was telling the young skulls full of mush at Washington University in St. Louis.

END TRANSCRIPT

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