Kirk Victor / Hotline On Call:Romer To Leave White House —Christina Romer, chairwoman of Pres. Obama's Council of Economic Advisers, has decided to resign, according to a source familiar with her plans.
Romer, an economics professor at the University of California (Berkeley) before taking the key admin post, did not respond to repeated calls to her office.
"She has been frustrated," a source with insight into the WH economics team said. "She doesn't feel that she has a direct line to the president. She would be giving different advice than Larry Summers [director of the National Economic Council], who does have a direct line to the president."
"She is ostensibly the chief economic adviser, but she doesn't seem to be playing that role," the source said. The WH has been pounded for its faulty forecast that unemployment would not top 8% after its economic stimulus proposal passed.
Instead, the jobless rate is 9.5%, after exceeding 10% last year. It was "a horribly inaccurate forecast," said Bert Ely, a banking consultant. "You have to wonder why Summers isn't the one that should be taking the fall. But Larry is a pretty good bureaucratic infighter."
Discussion: Firedoglake, Politics Daily, The Caucus, The Swamp, The Confluence, New York Magazine, Riehl World View, Truthdig, HotAirPundit and GayPatriotRELATED:The Note:
Romer To Step Down As Chairwoman of the President's Council of Economic AdvisorsDiscussion: The Politico
July 22, 2010
Romer & Romer: Tax Increases Significantly Contract the Economy
Christina D. Romer (Chair, Council of Economic Advisers) & David H. Romer (UC-Berkeley, Department of Economics) have published The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks, 100 Am. Econ. Rev. 763 (2010). Here is the abstract:This paper investigates the impact of tax changes on economic activity. We use the narrative record, such as presidential speeches and Congressional reports, to identify the size, timing, and principal motivation for all major postwar tax policy actions.
This analysis allows us to separate legislated changes into those taken for reasons related to prospective economic conditions and those taken for more exogenous reasons.
The behavior of output following these more exogenous changes indicates that tax increases are highly contractionary.
The effects are strongly significant, highly robust, and much larger than those obtained using broader measures of tax changes.
July 22, 2010 in Scholarship, Tax | Permalink
OBAMA AND HIS COMRADES FAVORS TAX INCREASES BECAUSE OBAMA AND HIS COMRADES DON'T GIVE A HOOT ABOUT THE ECONOMY;
THEIR POLICIES ARE ONLY MEANT TO SHACKLE THE USA TO SOCIALISM AS MUCH AS POSSIBLE AND FOR AS LONG AS POSSIBLE.
2 comments:
Another stellar and informative post.
Excellent.
One quibble. It isn't so much that Hussein Soetoro doesn't give a hoot about the economy, it's that destroying the American economy is part of his plan to make (what communists think will be) a better world. The impoverishment of the American people is not a bug in Soetoro's plan, it is a feature.
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