Thursday
Apr302009
The Cost Of Swine Flu Unknown
By Kayleigh Harvey - Talk Radio News Service
A hearing on the economic outlook turned to swine flu today and raised the question “are we ready to cover the costs?”
Dr. Christina Romer, Chair of the Council for Economic Advisors, came to the House Joint Economic with upbeat news that, “during the first one hundred days if the Obama administration...the Recovery Act has already saved or created about 150,000 jobs,” said Romer. Adding “that most of the benefits of the Recovery Act are yet to come... our
estimates remain that the American Recovery and Reinvestment Act spending will create or save 3.5 million jobs before the end of next year.”
This information was over-shadowed however when Congressman Vic Snyder (D-Ark.) turned the topic to the developing outbreak of swine flu. He asked Dr. Romer, “How should we view the added uncertainty in the economy both here and abroad that may be created the threat of a major health flu pandemic around the world?”
Romer said that swine flu was of “major concern” to the administration. In terms of the economic effects caused by a swine flu pandemic, Romer said effects would depend on “how severe it is,” and that they are working on collating information concerning the swine flu outbreak. At the moment the true cost factor looked “uncertain,” said Romer.
Adding to her point Romer said, “uncertainty is probably the biggest effect at this point. Whether it will make consumers nervous. Whether it will, you know, government will have to take actions, that unfortunately will have economic consequences, that is what we are facing.”
Closing on this topic Romer stressed, that the top priority of the administration was to, “do whatever it takes to ensure that lives are saved.”
The cost of the swine flu pandemic to the American citizen remains unknown until the severity of the outbreak unveiled.
A hearing on the economic outlook turned to swine flu today and raised the question “are we ready to cover the costs?”
Dr. Christina Romer, Chair of the Council for Economic Advisors, came to the House Joint Economic with upbeat news that, “during the first one hundred days if the Obama administration...the Recovery Act has already saved or created about 150,000 jobs,” said Romer. Adding “that most of the benefits of the Recovery Act are yet to come... our
estimates remain that the American Recovery and Reinvestment Act spending will create or save 3.5 million jobs before the end of next year.”
This information was over-shadowed however when Congressman Vic Snyder (D-Ark.) turned the topic to the developing outbreak of swine flu. He asked Dr. Romer, “How should we view the added uncertainty in the economy both here and abroad that may be created the threat of a major health flu pandemic around the world?”
Romer said that swine flu was of “major concern” to the administration. In terms of the economic effects caused by a swine flu pandemic, Romer said effects would depend on “how severe it is,” and that they are working on collating information concerning the swine flu outbreak. At the moment the true cost factor looked “uncertain,” said Romer.
Adding to her point Romer said, “uncertainty is probably the biggest effect at this point. Whether it will make consumers nervous. Whether it will, you know, government will have to take actions, that unfortunately will have economic consequences, that is what we are facing.”
Closing on this topic Romer stressed, that the top priority of the administration was to, “do whatever it takes to ensure that lives are saved.”
The cost of the swine flu pandemic to the American citizen remains unknown until the severity of the outbreak unveiled.
tagged 
Costs, dr. christina romer, economic, economy, flu, pandemic, snyder, swine, vic in Congress, News/Commentary, Today at TRNS, United Nations
Costs, dr. christina romer, economic, economy, flu, pandemic, snyder, swine, vic in Congress, News/Commentary, Today at TRNS, United Nations
Recovery Act Saved Jobs And Boosted The Economy, Says Romer
By Linn Grubbstrom - Talk Radio News Service
Dr. Christina Romer, the White House’s chief economist, argued Wednesday that the Recovery Act is responsible for key improvements within the U.S. economy.
“The Recovery Act has increased real GDP, relatively to what it otherwise would have done, by between 2.7 and 3.2%,” Romer said during a conference call coinciding with the release of a report on the Act’s effectiveness. “It increased employment, relative to what otherwise would have happened, between 2.5 and 3.6 million.”
The Recovery Act was designed to boost economic growth and employment in the U.S. Republicans have chided the $787 billion stimulus package as too costly and unable to curb unemployment.