Mitt Romney Loves Unicorns and Magic Beans

He also loves unrealistic economic projects. For example, yesterday he insisted that just months following the deepest recession since the Great Depression, the unemployment rate should be 4% or lower and the economy should be adding 500,000 jobs per month.

TPM:

“I understand the desire for low unemployment and the current 8.1 is unacceptable,” Douglas Holtz-Eakin, president of the American Action Forum said. “But 4 percent is not a realistic target.”

Unemployment has not been below 4 percent since April 2000, according to Jared Bernstein, senior fellow at the left-leaning Center on Budget and Policy Priorities. It was 3.8 percent that month. That was during the Clinton administration, and it was a very good year: the average unemployment rate was 4 percent.

Bernstein noted that, officially, “full employment” is pegged at a rate of around 5 percent by the Congressional Budget Office currently. That means that if the unemployment rate actually dipped below that mark (say, in the halcyon days of a first Romney term), the Federal Reserve would probably try to raise it to mitigate the chances of inflation.

The economy, therefore, isn’t just unlikely to meet the goals Romney is setting for it — there could actually be a backlash if it did.

You can bet on this: if Romney is elected president, his administration will either tank the economy or we’ll see a return to quick-fix bubble economies — perfect for a cynical dickbag’s political ambitions.

Print Friendly
This entry was posted in Uncategorized and tagged , , , , . Bookmark the permalink.
  • http://www.facebook.com/people/Michael-Norris/1597765442 Michael Norris

    “Cynical Dickbag.” I love that. I plan to insert that into my next conversation with a Republican.

  • muselet

    And Mitt Romney insists he understands how the economy works. Right, and I’m 25 and have a full head of hair.

    Sort of irrelevant—or not, depending on how your brain works, so let’s call it “tangentially related”—but this is an interesting, if disturbing, experiment.

    –alopecia

  • http://twitter.com/bubblegenius Bubble Genius

    What do you MEAN “if Romney is elected president”? Puh-leeeeze. Never happen. Even if Rubio’s on the ticket.

    • http://www.politicalruminations.com/ nicole

      We can’t afford to be complacent. It will be a tight race.

      (if not for the CU ruling, Romney wouldn’t stand a chance)

  • Lazarus Durden

    Well Mitt did whatever it took to win the GOP nomination, and the support of the Tea Party.

    http://www.youtube.com/watch?v=OSQO7eum79A