We had the White House's Christina Romer on TechTicker this week. She says the president's "not cool" with our huge deficits. She's also wisely going out of her way to make sure the president doesn't look like an out-of-touch optimistic boob.
Unfortunately, she did not offer any details about what the White House plans to do about those massive trillion-dollar deficits.
Critics of the Obama administration argue that the President is bankrupting the country by spending more than $1 trillion a year more than the government generates takes in.
These trillion-dollar deficits, moreover, aren't expected to be a one-time thing. Many forecasters, including the White House, expect them to continue for the better part of the next ten years.
But here's a relief: The White House is not cool with that!
We asked our guest Christina Romer, the chair of the Council of Economic Advisers, about the President's attitude toward these deficits, and she confirmed that he's not comfortable with them.
Mrs. Romer did not offer details about how the President plans to deal with these deficits, at least over the next few years. Rather, she stressed that the President's strong priority is to get the economy back on firm footing.
To this end, the White House is very encouraged about the recent recovery and thinks GDP grew 2-3% in the third quarter.
Mrs. Romer was quick to manage future expectations, however.
The White House does not think we're headed for a v-shaped recovery. And until we start to see robust job growth again, the President will not be saying "Mission Accomplished."
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