A Quote by Christina Romer
The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.
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In a very weak economy, when you say 'cut government spending,' what you mean is you're laying off school teachers and you're de-funding various programs that put money into the economy. This means you have more unemployed people that then draw unemployment benefits and don't pay taxes.
With a congressional mandate to run the deficit up as high as need be, there is no reason to raise taxes now and risk aggravating the depression. Instead, Obama will follow the opposite of the Reagan strategy. Reagan cut taxes and increased the deficit so that liberals could not increase spending. Obama will raise spending and increase the deficit so that conservatives cannot cut taxes. And, when the economy is restored, he will raise taxes with impunity, since the only people who will have to pay them would be rich Republicans.
In the middle of a recession, where we're just climbing out of it, where the economy -unemployment is still at 9.7 percent, the idea of raising taxes and reducing spending is a prescription for disaster.
The world will teach our children if we do not, and children are capable of learning all the world will teach them at a very young age. What we want them to know five years from now needs to be part of our conversation with them today. Teach them in every circumstance; let every dilemma, every consequence, every trial that they may face provide an opportunity to teach them how to hold on to gospel truths.
The idea that more taxes and more government spending is the best way to help hardworking middle class taxpayers - that's an old idea that's failed every time it's been tried.
Well, our economy is very strong and growing. We have created 5.4 million new jobs in the last 3 years. Our unemployment rate is better than the average unemployment rate of the 1960s, 1970s, 1980s, and 1990s.
You can't teach talent. You can't teach inspiration. You can teach people critical facilities. You can give them techniques. You can teach discipline. And you can teach them about the business.
I'd teach them to read and to dream and to look at the stars and wonder. I'd teach them the value of imagination. I'd teach them to play every bit as hard as they worked. And I'd teach them that all the brains in the world can't compensate for love.
If people are teaching economics, they need to teach all the different disciplines, all the different schools in economics. They can't just teach one because then the person isn't equipped to deal with the economics profession.
Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
The only way to reduce our national debt is to grow the economy and cut spending. We have no idea how our money is being spent. As president, I will move all agencies to zero-based budgeting so that every agency has to justify every dollar that they spend.
The basic idea behind teaching is to teach people what they need to know.
What is the idea of God in heaven? Materialism. The Vedantic idea is the infinite principle of God embodied in every one of us. God sitting up on a cloud! Think of the utter blasphemy of it! It is materialism - downright materialism. When babies think this way, it may be all right, but when grown - up men try to teach such things, it is downright disgusting - that is what it is. It is all matter, all body idea, the gross idea, the sense idea. Every bit of it is clay and nothing but clay. Is that religion?
If there's unemployment, having the government help reduce that unemployment, increase employment directly is a pretty good idea. It's not driving out competition; it's not crowding out.
Every American knows there are government expenses that are absolutely not necessary. I disagree with the very idea that our government is spending $2.4 trillion in the most efficient manner.
We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.
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