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Guest Post: White House: Recovery to take years

Courtesy of Tyler Durden

Submitted by Kurt Brouwer of Fundmastery Blog

White House: Recovery to take years

White House Press Secretary Robert Gibbs made a rather startling statement in a press briefing on September 21st.  He acknowledged that the economy is bad and he further stated under questioning that the recovery would take several years.

I wonder why this did not get reported far and wide? The only report I’ve seen on this came from the conservative news source, CNS News [emphasis added]?

White House Press Secretary Robert Gibbs said at Tuesday’s White House press briefing that the economic recovery “is going to take an enormous amount of time,” and when asked to clarify what that meant, he said, “it’s going to take several years.”

…At Tuesday’s briefing New York Times reporter Sheryl Gay Stolberg asked Gibbs whether the president thinks “people are simply frustrated at the state of the economy, or does he think that they are frustrated with him personally and his handling of it?”

“I don’t doubt that people are frustrated that the pace of our economic recovery has not been faster under the president’s watch,” said Gibbs. “But what is undeniable and that you heard the president reiterate yesterday is if you look at where we were and look at how far we’ve come, we’ve not come as far as the president would like–not by a long shot–but we’re adding jobs: eight months of private sector hiring, positive economic growth. Again, all of which is going to take–this is going to take an enormous amount of time.  No one in this administration ever said that this was going to be easy or that it wouldn’t take some time.”

Later in the briefing, Steven Thomma of McClatchy news asked Gibbs to specify what he meant by an “enormous mount of time.”

“On the economy,” said Thomma, “you said earlier this is going to take an ‘enormous amount of time.’ How long?”

“Well,” said Gibbs, “I think it’s going to take several years from–I think getting through a recession as deep as the one that we were faced with, the sheer amount of job loss, the shock to the system, shock to our financial system, the change in our housing market. We’re dealing with, in many ways, if you look at what happened and what cascaded downward all at a certain period of time, you’re dealing with sort of the perfect storm.”

Neither The New York Times nor McClatchy reported on Gibbs comments regarding the pace of the economic recovery…

I went to the White House web site and found the press briefing for September 21 and it includes these passages.  The link to the briefing is here.  The question from the New York Times reporter is about 60% of the way through the briefing and the McClatchy reporter’s question is about 90% of the way through.

One would think this news — coming at the tail end of the so-called ‘Recovery Summer’ would be newsworthy.


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