Jeffrey Steinberg, a senior editor with Executive Intelligence Review, said the recent resignations of top presidential aides along with the planned departure of the top economic advisor may finally result in US president Barack Obama acknowledging that his economic policy is not working to save America's faltering economy.
On Tuesday, the US administration's top economic adviser, Lawrence Summers, announced his plans to leave after the November midterm elections at the end of the year.
"It (Summers' resignations) is a pleasant surprise because president Obama seems to be finally listening to the message that has been delivered to him by the vast majority of the American people and by the top officials of his own Democratic Party that economic policy of the White House team has been a total failure," Steinberg told Press TV on Wednesday.
Summers' departure would mark the third high-profile resignation from the White House economics team since July.
In July, budget director Peter Orszag stepped down and chairwoman of the Council of Economic Advisers, Christina Romer, left earlier this month.
"These are the architects of Obama's economic policies who are being blamed by top Democrats in Congress for creating the condition that is expected to be a political massacre in November," Steinberg added.
The resignations come amid reports stating a slowdown in the pace of the country's economic recovery.
The US Federal Reserves policy making panel says the growth of the American economy is likely to be "modest" in the near term.
The Federal Reserves' statements came ahead of the mid-term elections in November. The Fed has not announced plans to speed up economic recovery but says it stands ready to act if necessary.
Meanwhile, the Fed's chairman has admitted concerns over the recovery. Ben Benerke said that the American economy is struggling to recover and needs a fresh stimulus to pull it out of one of the worst economic downturns it has seen in decades.
MN/PKH/MMN
Thursday, 23 September 2010
'Obama economic team admitting defeat'
Wed, 22 Sep 2010 17:56:48 GMT
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There are 14.9 million US workers who are officially out of work, according to the latest statistics from the US Department of Labor.
President Barack Obama may finally acknowledge that his economic team and policy have been a failure, says a senior American journalist.
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