Andrew Sullivan has been touting a reader's observation that "the current counter-recession policies felt like 'Mission Accomplished' all over again." This is, of course, a reference to President George W. Bush's famous banner declaring victory in Iraq in May of 2003. But the comparison is totally wrong, mainly because the current administration has not, by a long shot, said that economic problems are coming to an end or that its efforts are at an end. For example, let's take a look at the most recent statement on jobs from White House Economic Adviser Christina Romer, shall we? “Today’s employment report contained both signs of hope for recovery and painful evidence of continued labor market weakness. ... The unemployment rate, however, rose four-tenths of a percentage point, to 10.2 percent. That this occurred despite the rise in real GDP last quarter reflects both the typical lag between GDP growth and unemployment decline, and the recent exceptional increases in productivity. Having the unemployment rate reach double-digits is a stark reminder of how much work remains to be done before American families see the job gains and reduced unemployment that they need and deserve.”Yup, that's just about the same effect as flying out to an aircraft carrier and raising a huge banner that says "Mission Accomplished." However effective the administration's policies have been thus far -- and I think they're more effective than people generally give them credit for, and in many cases their failings are caused by Congress, not the executive branch -- no one is saying that this job is over. The president is having a "Jobs Summit" next week to talk about new job creation policies, and Congress is pushing to have something prepared on the same issue after health-care reform is done. It's one thing to complain about the approach, but to complain about the president and Congress declaring victory and going home just doesn't reflect the facts.
-- Tim Fernholz
