A Quote by Timothy Geithner
The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.
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Economic Policy
Educational
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For a nation, the choices that determine whether income doubles in one generation or two dwarf all other economic policy concerns.
The theory of economic shock therapy relies in part on the roleof expectations on feeding an inflationary process. Reining in inflation requires not only changing monetary policy but also changing the behavior of consumers, employers and workers. The role of a sudden, jarring policy shift is that it quickly alters expectations, signaling to the public that the rules of the game have changed dramatically - prices will not keep rising, nor will wages.
Think of a public library, worth more for those who cannot afford numerous books. Think of a public waterway or fishing ground. All types of commons have imputed monetary value that together comprise a source of social income. As such, the commons reduces economic inequality and insecurity in society.
Watch out Mr. Bush! With the exception of economic policy and energy policy and social issues and tax policy and foreign policy and supreme court appointments and Rove-style politics, we're coming in there to shake things up!
U.S. trade policy is not just about the relationship between our nation and other countries. It is part of a larger conversation about living wage, consumer protection, job security, and a better quality of life for all Americans.
The problem with much of the debate over this issue is that we confuse two separate matters: immigration policy (how many people we admit) and immigrant policy (how we treat people who are already here). What our nation needs is a pro-immigrant policy of low immigration. A pro-immigrant policy of low immigration can reconcile America's traditional welcome for newcomers with the troubling consequences of today's mass immigration. It would enable us to be faithful and wise stewards of America's interests while also showing immigrants the respect they deserve as future Americans.
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
I'm going to deliver a detailed policy address on one of the greatest challenges facing our country today, illegal immigration.
Beyond monetary policy, fiscal policy has traditionally played an important role in dealing with severe economic downturns.
Post-genocide Rwanda has managed to implement a good universal health insurance scheme that covers a large proportion of the population. This came about because of the severity of the country's problems and the resulting high proportion of women in the parliament and among professional caregivers, which had a positive effect on policy.
Monetary policy itself cannot sensibly be directed at reducing imbalances.
In general, I don't think that economic, social and cultural rights are primarily a matter of going to court. They are most useful today as commitments which can help ensure effective and equitable policy-making at every level.
Social Security is an insurance policy. It's a terrible investment vehicle. Social Security has some great benefits. But it was never meant to be a savings plan. So we need to have a national debate. Should this 12.5 percent that we're contributing all go into a Social Security pool, or should half go into a mandatory savings plan?
Any debate among politicians about monetary policy is counterproductive.
See, technology can advance yield and productivity, but only public policy can advance the income of farmers. There has to be a synergy between technology and public policy.
High levels of economic inequality lead to imbalances in political power, as those at the top use their economic weight to shape our politics in ways that give them more economic power.
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