From Recession to Recovery: The Economic Crisis, the Policy Response, and the Challenges We Face Going Forward
Christina D. Romer
Chair, Council of Economic Advisers
Testimony before the Joint Economic Committee
October 22, 2009
Chair Maloney, Vice Chairman Schumer, Ranking Members Brady and Brownback, and members of the Committee, it is an honor to be with you today. There is no question that the past year has been one of enormous challenges for the American economy. The recession that began in December 2007 has been the worst we have faced since the Great Depression. The suffering it has brought to American workers and their families has been terrible. The toll that it has taken on American businesses has been great across the spectrum—affecting firms both large and small; those in services as well as manufacturing; and firms in every state and community.
In my testimony this morning, I want to discuss the economic crisis and the efficacy of the policy response. I also want to talk about the outlook for the U.S. economy and describe what I see as the key risks to the forecast. Finally, I want to discuss some of the policy challenges that we are likely to face going forward.
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