Posted on 10/22/2011 11:08:02 AM PDT by Hojczyk
Barack Obama told Jake Tapper on Monday that “I believe all the choices we’ve made have been the right ones” on economic policy. One of the architects of Obamanomics disagreed just a few days later. Austan Goolsbee, one of Obama’s key economic advisers, admitted on Thursday’s Morning Joe that the gimmicky, short-term stimulus approach was a failure:
Former Obama administration economic adviser Austan Goolsbee said Thursday that if given a second chance he would not have backed the Cash for Clunkers program or the home buyer tax credit passed in 2009 to stave off further economic distress.
“Because we didn’t know if [economic recovery was] going to be short or long,” the Obama administration tried measures to address both scenarios, Goolsbee explained on MSNBC’s “Morning Joe.”
“If you look at Cash for Clunkers or the first home buyer tax credit, they were geared to trying to shift [recovery] from 2010 into 2009. Given it’s taken this long [to recover], I don’t think you would do that short-run stuff,” Goolsbee added.
Goolsbee, the former chairman of President Barack Obama’s Council of Economic Advisers, said the administration misjudged how quickly the country could recover from the economic damage of the 2008 economic collapse.
Goolsbee’s admission completely destroys the notion that Obama made all the right decisions on the economy, but he’s still missing one key point. The economic “recovery” hasn’t been this bad because the recession was so deep; it’s been this bad because the policies he and Obama have pursued and are continuing to pursue will produce no other result.
(Excerpt) Read more at hotair.com ...
How bad are the taxes? The property taxes are really what soured me on Texas. I know some areas are better than others, but I just couldn’t justify paying that much ‘rent’ to the state.
The Clunker deal was bad. Waste of money and ruined alot of used motors for nothing. Some people do not want to buy or can’t buy new cars. I put a used motor in my pick up truck before this terrible program began.
A little over $2400 this last year. They hit oil and gas in the county so that could go down because of the increase in value of the oil producing properties.
No income tax. Property taxes decrease after 65. Sales tax is about 8%. Overall no too bad.
The Clunker deal was another example of the stupidity and the fallacy of the Keynesian ‘broken windows’ theory that proposes destruction of resources will stimulate demand and result in overall economic growth. It’s as unnatural as Gay Marriage.
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