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August 29, 2011

Obama's Big Important Jobs Speech Delayed
Plus: Downfall, the Obama Edition

Plonked! did this. Worth a watch, even if you've grown tired of the Downfall parodies.

The central joke may or may not be SCOAMF. Better link added.


Obama's job speech will now come... next week.

Also mentioned there is Obama's nomination of Alan Krueger to his Council of Economic Advisers. On the Coffee & Markets podcast, they discuss Krueger's devotion to big government interventions in the economy, to fix an economy chiefly distressed by big government interventions.

Better and Better: He wants a big, big consumption tax to take effect two years from now, to encourage people to spend money now, when they still have a little of it.

Obama’s new chief economist, Alan Krueger AUG 29, 2011 12:16 EDT inShare 2012 ELECTION | OBAMA WHITE HOUSE First, the 411 on Alan Krueger, new chairman of the White House Council of Economic Advisers, from Reuters:

U.S. President Barack Obama said on Monday he has chosen Princeton University labor economist Alan Krueger to become the top White House economist. Krueger would succeed Austan Goolsbee as chairman of the White House Council of Economic Advisers. The decision comes as Obama prepares to unveil a jobs package in a speech planned for shortly after the September 5 Labor Day holiday.

“As one of this country’s leading economists, Alan has been a key voice on a vast array of economic issues for more than two decades,” Obama said in a written statement. “Alan understands the difficult challenges our country faces, and I have confidence that he will help us meet those challenges as one of the leaders on my economic team.”

Krueger’s expertise in labor-market issues is in keeping with the administration’s efforts to underscore a focus on jobs. At Treasury, Krueger was assistant secretary for economic policy and chief economist. He is also a veteran of President Bill Clinton’s administration, serving as chief economist for the Department of Labor from August 1994 to August 1995. Krueger holds a Bachelor of Science degree in industrial and labor relations from Cornell University. He earned his PhD in economics at Harvard University. While at Princeton, Krueger was a regular contributor to the Economic Scene column in The New York Times. Krueger has written extensively on unemployment and the effects of education on the labor market.

Anyone still looking for a turn to the right from Obama will be mightily disappointed. Krueger is part of the center-left economic consensus that believes a) America is undertaxed, b) government must become permanently bigger as America ages, and c) climate change requires a vast new regulatory scheme to control carbon emissions. His big idea to boost the U.S. economy and bring the budget in balance is ginormous consumption tax on top of the current income tax system:

Why not pass a 5 percent consumption tax to take effect two years from now? … In the short run, the anticipation of a consumption tax would encourage households to spend money now, rather than after the tax is in place. Along with the rest of the economic recovery package, this would help jump-start spending in the economy and thereby increase production and employment. In the long run, a 5 percent consumption tax would raise approximately $500 billion a year, and fill a considerable hole in the budget outlook. In addition, a consumption tax would encourage more saving in the long run. Many economists consider a consumption tax an efficient way of raising tax revenue, especially in a global economy.

SCOAMF Now Has a Website. SCOAMF.com.



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posted by Ace at 01:09 PM

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