Goolsbee: Outside Factors Marred US Economic Recovery

Friday, 26 Aug 2011 04:23 AM

By Hiram Reisner

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Former White House economic adviser Austan Goolsbee reiterated the contention Thursday that outside factors strongly contributed to a standstill in America’s economic recovery.
 
“In the year 2010 . . . we were growing,” Goolsbee told Fox News’ Sean Hannity. “Now, at the beginning of this year, we get earthquakes, tsunamis, revolutions in the Middle East, European financial crises — I mean, we’ve got a series of things that have put some heavy blows and slowed the economy back down again.
 
“The price of gas shooting up to $4 a gallon affected everybody,” he said. “It happened at the end of the Bush years — and then preceded the worst financial crisis in all of our lifetime. So, we face a downturn where we lose a significant number of jobs, seven, eight, pushing up to nine million in the downturn — when the president takes office, we are in the midst of what is now recognized as the worst downturn since we have had data in the 1940s.”
 
Hannity noted President Barack Obama knew what he was getting into and asked when he is going to stop blaming outside factors and President George W. Bush and face up to “the fact that he spends more money than he takes in and he doesn’t seem to understand how to unleash the economy.”

“Before [Obama] even became the president, when all we had were the Bush policies, the Congressional Budget Office said, we’re going to have $1.3 trillion a year deficits based on just how the economy is doing,” Goolsbee said. “That was without any policies from President Obama.
 
“And we’re trying to get out of the worst downturn of our lifetimes,” he said. “The consensus of the international arena is . . . when countries come out of deep financial crises, it is a tough messy process.”

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