VINEYARD HAVEN, Mass., Aug 25 (Reuters) - U.S. President Barack Obama held a conference call with top economic advisers on Wednesday to discuss newly released grim data that has raised fears the economy is at risk of a new downturn.
Treasury Secretary Timothy Geithner and White House advisers Christy Romer and Larry Summers took part in the call with the president, who is vacationing on the Massachusetts island of Martha's Vineyard.
Government reports on Wednesday showed new single-family home sales slumped to the slowest pace on record in July and orders for costly durable goods were soft, heightening fears about the economy's direction. [N25121445]
"The discussion focused on recent data reports, global markets and economic growth," the White House said in a statement describing the call.
"The economic team provided an update on the next steps to keep the economy growing, including assistance to small businesses and the extension of tax cuts to the middle class," it said.
Yeah, they have not freaking clue what to do.
And maybe there is nothing that can be done to keep the economy from sliding back into recession and unemployment from hitting double digits again.
The time to do something was in 2009 when they could have REALLY done some stimulus - put people on the payroll, trained them for jobs, sent them out to rebuild roads, bridges, infrastructure, subways, light rail, high speed rail, and the electrical grid.
But instead we got Race to the Top.
And talk about deficit reduction.
So now here we are, with Obama breaking up Vacation # 6 for a call with his economic team to hear them all say "I dunno...what do you want to do?"
Heckuva job, Barack.
It's a good thing accountability is only for teachers.
If Arne Duncan was your boss, you'd be called out as a "bad president" in the LA Times and put on a list to be fired.