What Do You Have to Do to Keep Them in Line?
Posted by Mary
Boy, do you think they might get a talking to when they get back to Washington DC? When the White House predicted scads of new jobs this year to celebrate the effectiveness of Bush's tax cuts for revitalizing the US economy, Brad DeLong issued a challenge to the Bush economic advisors to show how they came by these numbers. This seems to have had some effect on the Bush's senior economic advisors who today are cautioning reporters that the original job estimates were probably too optimistic.
Treasury Secretary John W. Snow distanced himself on Tuesday from the Bush administration's official prediction that the nation would add 2.6 million jobs by the end of this year.
That prediction, which is far more optimistic than that of many private sector forecasters, was part of the annual economic report released last week by the White House Council of Economic Advisers and was immediately echoed by Mr. Bush himself.
But on a tour through Washington and Oregon to promote the president's economic agenda, Mr. Snow and Commerce Secretary Donald L. Evans both declined to endorse the White House prediction and cautioned that it was based on economic assumptions that have an inherent margin of error.
"I think we are going to create a lot of jobs; how many I don't know," Mr. Snow said, adding that "macroeconomic models are based on a lot of assumptions" and are "not without a range of error."
Oops. Do you think they will tell Mr. Bush? If so, perhaps we'll be seeing a brand new Secretary of the Treasury?