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?
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com