Peter Morici, who is an economist and business school professor at the University of Maryland, has said the U.S. economic recovery is inadequate, and President Barack Obama is the culprit. The University of Maryland School of Business writes that Professor Peter Morici is a recognized expert on economic policy and international economics. He has served as director of the Office of Economics at the U.S. International Trade Commission and is the author of 18 books and monographs. Morici's views are often featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.
In an article on Jan. 4, 2013, David Nelson and Dan Weil have reported for Moneynews, Peter Morici to Moneynews: Economy Isn't Growing Due to Two Words – 'Barack Obama.' Morici has said in an exclusive interview with NewsMax, “The economy is not growing and creating jobs for two simple words: Barack Obama.” The 155,000 gain in December payrolls announced Friday did not impress Morici. He has said, “We need to create over 360,000 jobs a month for the next three years to bring unemployment down to about 6 percent.”
Morici has gone on to note that the recent strength in the stock market does not say anything positive for the employment market. He has commented, “The stock market may be near all-time highs, but those all-time highs were hit five years ago. So it’s hardly a great accomplishment.” He has gone on to say that progress in the labor market can’t be measured by progress in the stock market. Morici has also said, “I’ll be convinced that the labor market is improving when the quality of jobs that people can get improves, when real wages start rising again and we start creating 300,000, 400,000 and 500,000 jobs a month.”
Morici has made a comparison to economic conditions under the Reagan administration, saying, “Ronald Reagan had very similar problems to Barack Obama. His unemployment
rate peaked even higher. And at this point in his presidency, the economy was cracking
along at better than 6 percent instead of 2 percent.” He goes on to argue that therefore
clearly Obama is the problem. Morici has also predicted that due to this poor economic climate under Obama, Moody’s Investors Services will downgrade the government’s credit rating.