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 Obama economist: Cut taxes

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PostSubject: Obama economist: Cut taxes   Mon Aug 15, 2011 10:04 am

Borrowed this from Intervenor at the TVT. Now we know why Romer left.

Obama economist: Cut taxes
August 14, 2011 by Don Surber

Did an Obama economist just join the Tea Party?

President Obama’s former economic adviser, Christina Romer, an architect of Obamanomics, made the argument against raising taxes on CNN.

Earlier this month, the president threatened to veto any deficit-ceiling package that did not include removal of the Bush tax cuts. He eventually relented — even as he was bitterly clinging to his position.

In a 5-minute interview on CNN, Romer said that a tax increase would hurt the economy in the short-run. The video is here.

At 2:30 into the tape, Christina Romer said: “We need more fiscal support now. We probably need a big tax cut now.”

In fact, she said we should cut spending by $1 trillion to $2 trillion over 10 years to pay for this big tax cut.

In other words, the Tea Party is correct. It is the spending, stupid.

More spending will not boost the economy. How do we know this? We just spent $787 billion to learn this. If we did nothing, Obama and company said unemployment would peak at 9% and be about 8% now.

We did something and we wound up with 10% unemployment that is 9% now.

In other words, this spending spree tacked another 1% onto the unemployment rate, or in other words, cost us a net loss of approximately 1.4 million jobs.

Tax cuts work.
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