Video: Goolsbee says no double-dip recession coming

posted at 8:50 pm on August 30, 2010 by Ed Morrissey

That’s actually the headline from the CNN website, but White House economic adviser Austan Goolsbee doesn’t quite give a categorical denial. If we don’t pass the $30 billion small-business initiative, extend the Bush tax cuts (for the middle class, anyway), and do, er, something about exports, then we won’t get a double-dip recession. At least, that’s what Goolsbee hopes:

Not exactly a confidence builder, is it? Today’s economic indicator didn’t give the White House any better talking points, either. Although personal income rose in July, it only rose 0.2%, hardly a banner month for growth. In fact, when taking into account all of the expenditures of the average family in July, disposable income actually declined by 0.1%,which means that we won’t see any consumer boost to the economy in the near term. And that’s with the Bush tax cuts to the middle class still in place.

This answers another question, too. When the White House needed to send someone out to jolly the media through bad economic news, they had been sending Christine Romer to do her Chip Diller impersonation. Looks like Goolsbee drew the short straw in the Oval Office.


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He’s right in the sense that we haven’t climbed out of the first one.

MainelyRight on August 30, 2010 at 8:52 PM

And the White House will be passing out unicorns and Skittles to everyone!

/pipedream

rmgraha on August 30, 2010 at 8:52 PM

Will he bet his job on it?

The Notorious G.O.P on August 30, 2010 at 8:54 PM

Will he bet his job on it?

The Notorious G.O.P on August 30, 2010 at 8:54 PM

No, but he will bet yours.

Corsair on August 30, 2010 at 8:57 PM

Wait, extend what tax cuts for the middle class. According to the left, and their parrots in the media those Bush tax cuts were only giveaways to the rich? Right?

Fcking lying pieces of sheet.

ClassicCon on August 30, 2010 at 8:57 PM

I don’t think even he believes what he is saying.

Vashta.Nerada on August 30, 2010 at 8:57 PM

If we had only spent trillions more-NYT

artist on August 30, 2010 at 8:58 PM

Until they repeal Obamacare, repeal FinReg, stop extending unemployment benefits, cut back on spending, abandon cap-and-trade, abandon card-check, and unleash our natural resources, among so many other things, the Obama administration isn’t serious about bringing our economy back.

BuckeyeSam on August 30, 2010 at 8:58 PM

Puh-leeze. This hack works for the biggest Orwellian liar I have seen, so of course he’s gonna do the “Baghdad Bob” and Obama’s Human Gefilte Fish (Gibbs) standard denial.

Whoever said this fool had a total Dickensian name was so right. Wish I thought of that clever line myself.

Gob on August 30, 2010 at 8:58 PM

I’m not generous to say these people are merely asleep at the wheel; this is far too manipulative for that.

cynccook on August 30, 2010 at 8:58 PM

What’s the name of that river in Egypt again?!?!

;-)

Yakko77 on August 30, 2010 at 8:59 PM

Although personal income rose in July, it only rose 0.2%, hardly a banner month for growth.

Mine rose by that amount last month when I found a dollar on the sidewall. Good times.

Electrongod on August 30, 2010 at 9:00 PM

dammit…does that mean Obama ISN’T gonna fill up my gas tank and pay my mortgage??? :(

Justrand on August 30, 2010 at 9:00 PM

Ace had a nice article on the Small Business Initiative. It seems that 91% of small businesses feel they have adequate access to loans . What they need are customers- and they need jobs.

journeyintothewhirlwind on August 30, 2010 at 9:00 PM

If we don’t pass the stimulus, we might see unemployment as high as 8%.

My collie says:

Is there an echo in here?

Seriously, how much credibility do these people think that they have? I got news for them. The double dip recession is already in our midst.

My collie says:

Count it!

CyberCipher on August 30, 2010 at 9:01 PM

We are in the midst of a Great recession that doesn’t want to go away. At this point we have to start talking about depression.

keep the change on August 30, 2010 at 9:01 PM

THERE ARE NO TANKS IN BAGDAD!

HondaV65 on August 30, 2010 at 9:01 PM

What’s this double dip? We’re still in the first dip!

SouthernGent on August 30, 2010 at 9:01 PM

This is the dude who defended sub-prime lending just when things were ’bout to blow:

http://www.nytimes.com/2007/03/29/business/29scene.html?ex=1332820800&en=9a15c212b118d691&ei=5090&partner=rssuserland&emc=rss

year_of_the_dingo on August 30, 2010 at 9:02 PM

Sorry- I blanked on the report Ace used and had to go back and check it- National Federation of Independent Businesses- Aug 10 report.

journeyintothewhirlwind on August 30, 2010 at 9:03 PM

We are going to need to put a dome over the White House, and fumigate it for 30 days, just to get the stupid out.

Rebar on August 30, 2010 at 9:03 PM

His economic team is full of liars…Rohmner, before she vamoosed, I had such disdain for her. There was no way I could believe she ever believed what she was spewing out for Turkmanbama.

Oh and Elizabeth Warren, the one they are “barracking” (in Australia, “barrack” is slang to “root for” and “root”, well that is a dirty slang and does not mean what it means here in America) for to obtain that lofty position economics position is another fraud.

Gob on August 30, 2010 at 9:06 PM

No double dip recession because its been trumped by the full fledged depression.

ted c on August 30, 2010 at 9:08 PM

Time to throw all these lying scumbags out!

WisCon on August 30, 2010 at 9:08 PM

EDUCATION SEC URGED STAFF: GO TO SHARPTON RALLY

http://drudge.tw/9cPIwi

Sebelius: Time for ‘Reeducation’ on ObamaCare…

http://drudge.tw/cTAf0E

ninjapirate on August 30, 2010 at 9:09 PM

Not exactly a confidence builder, is it?

Considering these are the people who said we’d be creating 500,000 jobs a month by now, no it isn’t.

ddrintn on August 30, 2010 at 9:10 PM

So tired of seeing consumer prices displayed without food and energy included in them. Food and energy are two things every American has to deal with, so to pretend it can be swept aside and use the remaining costs as an indicator of the overall economy is silly.

Yes, I understand the volatility of food and energy, but just because they’re volatile doesn’t mean Americans don’t have to worry about how to pay those bills.

ButterflyDragon on August 30, 2010 at 9:12 PM

Until they repeal Obamacare, repeal FinReg, stop extending unemployment benefits, cut back on spending, abandon cap-and-trade, abandon card-check, and unleash our natural resources, among so many other things, the Obama administration isn’t serious about bringing our economy back.

BuckeyeSam on August 30, 2010 at 8:58 PM

Nope, he is serious about keeping all those things you mentioned in place and the economy tanking. He has not shown any other intention.

bluemarlin on August 30, 2010 at 9:12 PM

Video: Goolsbee says no double-dip recession coming

But, baby, me and my homies on the Special Commission to Relieve Congress and the President of Responsibility for Making Difficult Financial Decisions are fixin’ to serve up a feast to end all feasts with taxes, taxes and more taxes!

ya2daup on August 30, 2010 at 9:14 PM

Right on, Goolsbee. Don’t give in to fear. Besides, when the double dip does occur, it will be unexpected.

Kenosha Kid on August 30, 2010 at 9:15 PM

No double dipping recession while in a depression.

CynicalOptimist on August 30, 2010 at 9:15 PM

He looks a little tense. Whose hand do you think is up his a$$?

Monica on August 30, 2010 at 9:16 PM

Obama had double dip ice cream all summer. Glad he could make it back to work.

faraway on August 30, 2010 at 9:18 PM

Goolsbee – isn’t he the one known for saying things “just for show, just politics”?

disa on August 30, 2010 at 9:20 PM

Does a private sector depression count as a “double dip”? The private sector has been in depression for quite a while now.

Purple Avenger on August 30, 2010 at 9:23 PM

Let’s see…..it’s common knowledge (and has been for decades) that Consumer spending makes up the bulk of Economic growth (Forbes quoted 70% today).

How can these people seriously not know this?

Let’s start a game here on HOTAIR:
It’s called “UNDER THE BUS“……

Here’s how you play (no limit on number of players):
Guess the order of who gets thrown under the DOTUS Bus after November 2nd.

Here’s my guesses, Goolsbee, Rahm Emmanuel, Gibbs.

PappyD61 on August 30, 2010 at 9:25 PM

He’s one of the people who should be fired.

SlaveDog on August 30, 2010 at 9:25 PM

Butterfly…..unless my memory has failed me it was the Bush Administration that removed Food and Energy from the mix with the idea of saving money on Social Security payments and union/gov’t agreements that were tied to the Consumer Price Index.

I think it’s a underhanded to exclude those two things. DUH, as a family what are your two biggest areas of expense……..mmmmmmm, FOOD and mmmm, ENNNNNERGEEEE.

So tired of seeing consumer prices displayed without food and energy included in them. Food and energy are two things every American has to deal with, so to pretend it can be swept aside and use the remaining costs as an indicator of the overall economy is silly.

Yes, I understand the volatility of food and energy, but just because they’re volatile doesn’t mean Americans don’t have to worry about how to pay those bills.

ButterflyDragon on August 30, 2010 at 9:12 PM

PappyD61 on August 30, 2010 at 9:29 PM

I have a question: What exactly is the Obama administration’s economic plan? Has anyone actually seen it?

TN Mom on August 30, 2010 at 9:33 PM

Goolsbee says no double-dip recession coming

If Intrade puts up a contract, I’m trading against this jerk.

We’re headed for a big-time double dip.

patch on August 30, 2010 at 9:33 PM

Video: Goolsbee Admin stooge comes out and says exactly what he’s paid to say ‘no double-dip recession coming’

…On Admin lickspittle ‘News Network’ no less….

BigWyo on August 30, 2010 at 9:36 PM

To judge from the Consumer Metrics Institute’s figures and record of past performance, it seems the Americans can reasonably expect an annualized GDP growth rate between -1.5% and -2.0% for the third quarter of 2010, and a rate between -1.6% and -5.8% for the fourth quarter of 2010. Consider that, among the Americans, workers and investors will suffer losses, but not government employees or Social Security recipients as such. In a manner of speaking, the parasites get their share before the brain, heart, and testes or ovaries. You’re such a sweet host, what’s still left of you.

Kralizec on August 30, 2010 at 9:40 PM

…Besides, when the double dip does occur, it will be unexpected.
Kenosha Kid on August 30, 2010 at 9:15 PM

AND, on the graph, the double dip will be shaped like a (wait for it) “W” !!!

The blame game never ends.

marybel on August 30, 2010 at 9:40 PM

Goolsbee reminds me of the Monty Python Dead Parrot sketch.

http://www.youtube.com/watch?v=npjOSLCR2hE

simkeith on August 30, 2010 at 9:46 PM

All is well!

That is not an iceberg. It is just a dense low hanging cloud. Nothing to worry about. Keep shopping.

Tav on August 30, 2010 at 9:49 PM

These dolts have spent wasted more money than anyone else in the history of the world. And they’re not stopping.

Mojave Mark on August 30, 2010 at 9:53 PM

Obama’s Human Gefilte Fish (Gibbs)

lol

YehuditTX on August 30, 2010 at 10:02 PM

This answers another question, too. When the White House needed to send someone out to jolly the media through bad economic news, they had been sending Christine Romer to do her Chip Diller impersonation. Looks like Goolsbee drew the short straw in the Oval Office.

Goolsbee is the same handtool Obama sent to tell the Canadians to ignore his campaign lies about re-negotiating NAFTA. He is an experienced BS artist.

novaculus on August 30, 2010 at 10:03 PM

Sure, Captain Obama could steer AROUND the iceberg…but his plan is full steam ahead, iceberg be damned!!

uh…how many lifeboats are there???

Justrand on August 30, 2010 at 10:03 PM

We are either in the first dip still or the 2nd one already. Wait til the 3q numbers come out.

Has there been another revision of previous quarters again??/

CWforFreedom on August 30, 2010 at 10:07 PM

In fact, when taking into account all of the expenditures of the average family in July, disposable income actually declined by 0.1%

Goolsbee isn’t looking at the average family; he’s basing his predictions from watching the Obama family spend on shrimp, lobster, White House Renovations, and expensive vacations!

TN Mom on August 30, 2010 at 10:24 PM

The Obama Administration economic experts have been consistently WRONG so far. Shall we say that anything Goolsbee says will be followed in the next few weeks with the declaration that ‘the results were UNEXPECTED!’?

GarandFan on August 30, 2010 at 10:38 PM

Does everyone here know that Austin’s degree is in Music History? This guy has been a fraud for years.

Jdripper on August 30, 2010 at 10:42 PM

“. . . White House economic adviser Austan Goolsbee doesn’t quite give a categorical denial. If we don’t pass the $30 billion small-business initiative, extend the Bush tax cuts (for the middle class, anyway), and do, er, something about exports, then we won’t get a double-dip recession. At least, that’s what Goolsbee hopes . . . . . .”

So, should we or shouldn’t we cancel our Goldline investments?

He looks a little tense. Whose hand do you think is up his a$$?

Monica on August 30, 2010 at 9:16 PM

Dang Monica, another great mental-picture to sleep on. :)

listens2glenn on August 30, 2010 at 10:46 PM

no double-dip recession coming

So, it’s to be a triple-dip then?

Left Coast Right Mind on August 30, 2010 at 10:58 PM

hey that’s Austan ‘NAFTA’ Goolsbee to you. BWAAAHAAAA!! What maroons! Gibbs and Donovan have NO CLUE what is happening on housing (as far as policy), based on their recent, fumbling, mumbling, bumbling remarks. Good grief.

ginaswo on August 30, 2010 at 11:31 PM

Hey, Austan Goolsbee was the guy who told the Canadians that all that rhetoric over NAFTA was just bluster, then said he didn’t and then resigned from the Obama campaign.

The only question we have to ask yourselves is whether he told the truth or lied about the last thing he said before making this pronouncement. If he lied last time, then all is well .. if he told the truth, we are screwed.

J_Crater on August 31, 2010 at 12:32 AM

All is well!

Well, it is “Recovery Summer”! THEY SAID SO!

Athena on August 31, 2010 at 12:38 AM

Goolsbee reminds me of the Monty Python Dead Parrot sketch.

http://www.youtube.com/watch?v=npjOSLCR2hE

simkeith on August 30, 2010 at 9:46 PM

Excellent analogy.

Havn’t seen that one for nearly twenty-five years, but I still remembered all of it.

listens2glenn on August 31, 2010 at 12:40 AM

How long before this WH Economic goober resigns / runs for the hills, too?

rayra on August 31, 2010 at 12:54 AM

they had been sending Christine Romer to do her Chip Diller impersonation

I thought she resembled Phyllis Diller. You know. With that fake laugh after everything she said. As if the whole economic “policy” was a joke. Wait a minute….

mdenis39 on August 31, 2010 at 1:22 AM

This chump failed at lying to Canada for Obama about NAFTA.
What a surprise that he’s a sh*tty economic advisor.

OxyCon on August 31, 2010 at 1:47 AM

Why bother with the White House talking points when they’re put out by MSNBC prior?

Might as well go to the source.

Face it, we are on a rudderless raft drifting towards a waterfall. Absolute fools were put in charge by ignorant voters.

NoDonkey on August 31, 2010 at 7:00 AM

Goolsbee?— Foolsmee

tinkerthinker on August 31, 2010 at 7:54 AM

This administration reminds me of “The Dead Body That Claims It Isn’t” in this scene from Monty Python & The Holy Grail (1975) It’s particularly funny if you think about ‘i’ll go for a walk’ as ‘i’ll go for a vacation.

The Dead Collector: Bring out yer dead.
[a man puts a body on the cart]
Large Man with Dead Body: Here’s one.
The Dead Collector: That’ll be ninepence.
The Dead Body That Claims It Isn’t: I’m not dead.
The Dead Collector: What?
Large Man with Dead Body: Nothing. There’s your ninepence.
The Dead Body That Claims It Isn’t: I’m not dead.
The Dead Collector: ‘Ere, he says he’s not dead.
Large Man with Dead Body: Yes he is.
The Dead Body That Claims It Isn’t: I’m not.
The Dead Collector: He isn’t.
Large Man with Dead Body: Well, he will be soon, he’s very ill.
The Dead Body That Claims It Isn’t: I’m getting better.
Large Man with Dead Body: No you’re not, you’ll be stone dead in a moment.
The Dead Collector: Well, I can’t take him like that. It’s against regulations.
The Dead Body That Claims It Isn’t: I don’t want to go on the cart.
Large Man with Dead Body: Oh, don’t be such a baby.
The Dead Collector: I can’t take him.
The Dead Body That Claims It Isn’t: I feel fine.
Large Man with Dead Body: Oh, do me a favor.
The Dead Collector: I can’t.
Large Man with Dead Body: Well, can you hang around for a couple of minutes? He won’t be long.
The Dead Collector: I promised I’d be at the Robinsons’. They’ve lost nine today.
Large Man with Dead Body: Well, when’s your next round?
The Dead Collector: Thursday.
The Dead Body That Claims It Isn’t: I think I’ll go for a walk.
Large Man with Dead Body: You’re not fooling anyone, you know. Isn’t there anything you could do?
The Dead Body That Claims It Isn’t: I feel happy. I feel happy.
[the Dead Collector glances up and down the street furtively, then silences the Body with his a whack of his club]
Large Man with Dead Body: Ah, thank you very much.
The Dead Collector: Not at all. See you on Thursday.
Large Man with Dead Body: Right.

WashingtonsWake on August 31, 2010 at 8:37 AM

Unfortuantely, I partially agree…. There will be no double dip recession. The first one never ended!!!

jeffn21 on August 31, 2010 at 9:05 AM