by Blog Boss
22. June 2009 19:14
Well according to White house budget director Peter Orszag the worst of economic times are behind us. Orszag also states that as the the economy starts to recover the national deficit will come down quickly. What wasn't mentioned is how exactly this is going to happen. The absence of "how" is particularly important since just the other day, the US Labor Department announces the lowest level of available jobs in 25 years. So there seems to be a disconnect between the job market and the gross domestic product. The principal component of the GDP is consumption and job growth is directly tied to consumption. Since consumption is way down it is a little difficult to fathom how the economy is poised for rebirth with little to no job creation. 