Fundamentals are strong

In an interview on Meet the Press, Christina Romer, an economic adviser for President Obama answered the question "Are the fundamentals of the economy sound?" with this response:

"The fundamentals are sound in the sense that the American workers are sound, we have a good capital stock, we have good technology".

I know my memory is short and shoddy, but this is a familiar quote. I am pretty sure I've heard someone say, the "fundamentals of the economy are strong" before. Maybe she is only echoing the message of her boss, President Obama. In a brief press conference, President Obama said on Friday the 13th, that they are "keeping focus on all the fundamental, sound aspects of our economy, all the outstanding companies, workers, all the innovation..." This is a drastic contrast from his pre-Stimulus Package rhetoric which painted our economic situation as almost "irreversible" catastrophe. But with our unemployment rate at 8.1%, the US government further in debt, a larger percentage of foreclosures, I would argue that we are worse off than we were a few months ago. Let's say, worse off than September 16, 2008, also known as "Black Monday".

In a campaign speech which I believe ended his Presidential bid, Senator John McCain made the comment that the "fundamentals of the economy are strong". Following his remarks, Barack Obama's campaign went in attack mode, referring to John McCain as being "out of touch" to the rest of America with his 7 homes. (Remember those campaign commercials?) Sen. McCain attempted in vain to explain his remarks by saying the "workers and innovation of the American people are fundamentally strong". I agreed with Sen. McCain then, and I agree with President Obama now. This is not where I take issue. I am frustrated that the McCain comment was the last nail in his presidential coffin, and yet the exact same message in much more dire circumstances from President Obama, is accepted.

Is it the message or the messenger?