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Goolsbee better get his head out of the sand, too
Posted: Mar 8, 2011
My question is: What spending cuts are going to "undermine economic growth in the future" as he puts it? So the deficit was caused by the decrease in tax revenue caused by the recession. Well, imagine that! Takes a genius to figure that out.
ARLINGTON, Va. (CNNMoney) -- Cutting spending is not the best way to curb the federal government's long-term deficit, a top White House official told a conference of leading economists Tuesday.
Austan Goolsbee, chairman of the Council of Economic Advisers, said that stronger economic growth, including an emphasis on doubling exports, is the best way to address the deficit.
"Let us not continue saying that the problem is runaway discretionary spending, because that's 12% of the budget," said Goolsbee. "Growth is going to be a key component of getting the deficit down."
The remarks come as Democrats and Republicans in Congress debate spending cuts as part of a long-term debt-reduction plan. A recent survey the National Association of Business Economics, the group Goolsbee was speaking to, found most members believe the federal deficit is the most serious long-term economic threat to the U.S. economy.
Goolsbee blames the widening deficit on the plunge in tax revenue caused by the recession, not by a huge increase in spending. He said Congress needs to be careful not to make bad cuts that will undermine economic growth in the future.
More here:
http://money.cnn.com/2011/03/08/news/economy/goolsbee_economy_nabe_speech/
;
that's the big difference - iceTmt
[ In Reply To ..]Liberal - Reduce the deficit by raising more revenue (tax yourself into prosperity)
Conservative - Reduce the deficit by reducing spending (spend within your means and don't pass on the debt to the grandkids)
Goolsbee = Liberal
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