Skip to comments.U.S. Economy Needs More Fiscal Stimulus: Christina Romer Defends Keynesian Economics
Posted on 03/15/2012 8:50:59 AM PDT by Oldeconomybuyer
... "I have no doubt without the actions President Obama took and actions Chairman Bernanke and the Fed took we would be in a much, much worse situation," says Christina Romer, former chair of President Obama's Council of Economic Advisers. "This had all of the makings of terrible depression and the fact we are struggling but coming out is a tribute to the President's policies."
Specifically, Romer says the Recovery Act and other measures taken by the administration "made a difference, helped to strengthen growth and bring down the unemployment rate."
Of course, Romer was one of the architects of those policies and, according to multiple reports, lobbied for even more stimulus than the $800 billion package signed in 2009.
"Fiscal stimulus absolutely can and does help the economy," she says, citing "unbiased" academic research and recent history. "Countries that did more stimulus in 2009 recovered more quickly from the downturn than those that did less," Romer declares.
And, yes, that very much includes the United States -- even if growth isn't what it "should" be and even if President Obama is seemingly getting very little credit for the recovery to date.
(Excerpt) Read more at finance.yahoo.com ...
“Don’t look at the reality. Ok maybe the economy got worse after we did all this stuff, but it would have been really much much worse if we didn’t... so we did good!”
Christina, would you care to give me the definition of insanity?
Like standing in a bucket and trying to lift yourself by the handles. Think I’ll go max out all my credit cards to get out of debt.
She must also think that you can fill a pool by dipping water out of the deep end and pouring it in the shallow end.
“Ok maybe the economy got worse after we did all this stuff, but it would have been much worse if we didn’t... so we did a great job!”
Kind of hard to argue with that “logic”
I think that John Meynard Keynes may have been a communist. He, along with Harry Dexter White, designed the IMF to handicap the United States and prop up the European countries and Russia. White was definitely a Communist, big C, communist.
White, then, came home and actually handed over the US treasury plates to the Russians, so that they could print as much US currency as they wanted to rebuild Western Europe.
U.S. Economy Needs More Fiscal Stimulus
. . . at least through the November to ensure the re-election of Obama
This lady is a lunatic. Deficit spending leads to unsustainable debt, the squandering of capital and poverty. If we have learned anything in the past five years is that all the financial gimmicks can never restore the wealth. The EU is in its death throes as it is selling gold to finance the futile bailouts. Obama is the greatest borrower and printer in American history. His legacy will be the debt that crushed the country.
Absolutely, he was a communist, or more accurately, a Fabian Socialist. He stated that the best way to implement socialism and steal the wealth of the masses was through the process of inflating and debasing the currency. And deficit spending obviously leads to the printing of money and the debasing of the currency.
Stimulus doesn’t make sense until you fix the underlying structural problems.
Stimulus also doesn’t make sense when you have an administration that you can’t trust, that is prone to political favoritism and graft.
They are just looking to double (triple) down on this. What is their alternative, to say Keynes (and every liberal who ever drew air) was wrong?
They AREN’T going to do THAT.
Like every other issue and policy of the left,
Keynesian economics is just a means to their ends.
You are confusing lies with logic... keynesian economics HAS NEVER WORKED... NOT ONE SINGLE TIME... SOCIALISM FAILS... NEVER IN THE HISTORY OF MAN HAS IT WORKED.
Keynes or do nothing and wait out the market long run. What’s a government to do when elections are coming and people need jobs?
If he wasn't, he was certainly sympathetic to them. We do know that in the Foreword to the first German edition of his "General Theory," he stated that his policies should work great for Germany because they were so suited to authoritarian governments.
They didn’t stop anything from happening. They delayed the day of reckoning and made sure that day is much more painful. We would already be in a real recovery if the government minded its business and let the markets reward the winners and punish the losers.
People. These government socialists are after one thing. One thing only. They are creating a situation of spending that will place Obama and his socialist government in a position of having to tap the last, greatest source of wealth in this country - private 401K type holdings. If you don’t believe these bastards covet that, you are a fool.