Sunday, February 7, 2010

Poor Christina Romer

I feel sorry for Christina Romer. As chairman of Obama's Council of Economic Advisors she is forced to defend the indefensible. She was being interviewed on Fox Business and was asked if she really thought that raising taxes by $2 trillion on the wealthiest citizens during a recession would create jobs. She hemmed and hawed and finally said that the entire package of tax hikes and spending would create jobs. She knows better. It is amazing to see that this woman who is an accomplished economist being reduced to an administration hack shilling for the president. On more than one occasion she has had to endorse policies that have directly contradicted her academic writings. It is obvious that this president is ignorant of economics and is pushing policies that most economists will tell you are destructive to the economy. It is also obvious that Obama's economists are committed to trying to put a happy face on terrible initiatives rather than trying to educate the president on basic economics. I don't know of an economist who actually thinks like the president that we can spend our way out of the recession. Politicians yes. Economists no. A congressman from South Carolina - James Clyburn - actually said exactly that we needed to spend more to get out of the recession. If Romer had any pride at all she should resign. The Council of Economic Advisors is far from being a plum job - especially if you are being ignored. It also pays less than her professorship at Berkeley and is sullying her once good reputation. So why doesn't she keep her dignity and just quit?

1 comment:

Edd Jobs said...

And a mere 24 hours later the New York Times was reporting that the unemployed are now averaging 30.2 weeks without a job, the highest figure on record. It's going to be a long year for Romer.