Posted on 10/12/2004 6:47:42 AM PDT by baseball_fan
John Kerry’s Economic Advisor, Robert Rubin, will be on CNBC's "Closing Bell" today and will hopefully respond to current Nobel Prize Winning Economist Edward Prescott's critique about the negative impact of the Rubin tax increase during the Clinton administration made yesterday on CNBC's "Street Signs." Robert Rubin is the former Secretary of the Treasury under Bill Clinton and Chairman of Citigroup’s Executive Committee.
Prescott also called for further marginal rate tax cuts to increase employment and federal revenues which is generally considered opposite of Rubin's call for tax increases as the approach to restore fiscal soundness. Rubin feels this is necessary to maintaining confidence in our financial system, increase long term investment and keep interest rates low.
Prescott is recommending privatizing part of Social Security, something which George Bush has advocated, which is at odds with Kerry/Rubin. Possibly also to be addressed is Kerry’s promise not to increase taxes on anyone below the top 2% income earners despite plans for large increases in spending.
It looks like a Kerry/Rubin versus Bush/Prescott shoot-out! Let’s hope the country benefits from their insights.
guest list: http://moneycentral.msn.com/Content/CNBCTV/TV_Info/GuestList.asp
Prescott's comments: http://www.freerepublic.com/focus/f-news/1242265/posts
I thought this was about Jerry Rubin... IF he is still alive he would be PERFECT for Kerry.
I thought Robert Rubin was supposed to go on trial for Citicorps role in deliberately covering up Enron problems (or those of another stockholder stealing coporation--playing with Citicorp money).
I expect that Prescott's Nobel prize will be rescinded as the result of his comments about Bush's tax cuts.
Nobel prize winners are NOT supposed to be economic conservatives. The more economics-challenged they are and the more they espouse the leftist position in economics, the more likely they are to win the award.
Mr. Prescott's award was, apparently, an error on the selection committee's part.
CNBC is advertising the upcoming Rubin interview heavily. Short of the Presidential debate on Wednesday, may be the most closely watched policy dispute on economic policy until then.
This shows again the leftthink? (now that's an oxymoron) that the economy is static. Like if cigarette taxes are raised X amount of revenue will be raised. The possibility that some will quit smoking is rarely considered. Their thinking is exactly the same with federal tax revenue/federal tax load. They assume the economic engine will stay at the same power output no matter what the load of taxes is. Obviously they think federal taxes don't impose a drag on the economic engine. All government will ever be is a load on the ecomomic engine. The smaller the government load, the more power the economic engine will produce. And the more power the economic engine produces the greater the tax revenue without increasing the tax load. This is so elementary one wonders how how the bizarre "static economy" thought process develops.
"I thought Robert Rubin was supposed to go on trial for Citicorps role in deliberately covering up Enron problems...."
Regulators determined that Robert Rubin didn't break the law and his good buddy, saintly Joe Lieberman, prevented his appearance before the appropriate congressional committee. Neverthless, in his careers with Clinton and Citicorp, Rubin skated close to the ethical edge several times too many and, let's hope, would not be confirmed for any position by a Republican Senate.
My guess is that Prescott sealed his fate as a pariah by his on-the-air comments yesterday.
How can any responsible economist call for lowering taxes and denigrate the Clinton/Rubin tax increases of 1993, which we have all been told were "necessary" and set the stage for the expansion of 1994-1999?
< sarcasm off>
Apparently you know nothing about the Nobel for Economics. Almost all the winners have been conservatives and the latest is completely consistent with most of the prior selections.
Don't confuse Literature or "Peace" with Economics.
Your comments reveal that you know nothing of the Nobel Prize for Economics OR of economics.
There are very few of the 35 winners who are Leftists and even those are still distinguished and competent thinkers.
Modigliani, Samuelson, Solow, Tobin, and Myrdal can be considered leftist but the rest are generally Chicago School, law and economics types, mathematical economists, statisticians and econometricists. Just look at a google search for their contributions if you don't believe me.
Take a breath, vote for Kerry and help him improve the economy by printing more money.
The only problem with this is...
1. The Rubin Plan led to a total LOSS of confidence and stock market crash
2. long-term investment is at an all-time high under the Bush Plan, and
3. Interest rates are lowest in history--again, under the BUSH Plan
So much for Bob Rubin and his "beliefs".
What the hell are you talking about?
I don't think you noticed that drop of sarcasm hanging off his post...
All his posts would be improved by sarcasm.
...and "The Donald" Trump is with Bush on this one.
Just saw the interview with Robert Rubin. Looks like he decided to defer to the Presidential debate rather than address the Prescott claims directly. Maria didn't bring up Prescott's statements from yesterday either.
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