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More stimulus spending as Christina Romer the chief of president Obama's counts of economic advisers steps down.
That's -- she's calling for.
The only sure fire ways for policy makers to substantially increase aggregate demand in the short run.
For for the government to spend more and tax less.
In my view we should be moving forward on both fronts.
Can we spend our way out of this recession senior economics writer for The Wall Street Journal ad campaign.
Steve Moore joins us and we we certainly tried that -- -- We've spent.
You -- over two trillion dollars since this recession started.
You racked up an enormous amount about what was interesting about.
But Christian Christina Romer said yesterday was she almost kind of -- upper hand and said you know it it -- like that's gonna work when we drew it up on the blackboard at University of California Berkeley.
-- and she seemed you know utterly surprised that it hasn't worked just really.
Reference to class and examine it in you know the whole idea of an account -- not -- doing and the class it was a lot different than the -- cash America.
We did she actually used a reference to the class from the middle man that looked OK okay how your paraphrase -- -- -- foundation did.
Which she did she is the one Greta who came up with the numbers the famous numbers -- -- -- -- -- keep unemployment last -- present -- white British land jobs did she make any explanations to why she predicted 8% and we haven't hit that point well I think -- certainly regrets saying that because it's something that's been thrown in her face even yesterday.
I think you're the only thing that she can say this what president's been saying -- which has.
That it would have been much worse if we hadn't done much but how do we judge.
That's about us.
And to -- be much -- have been active that doesn't give me much sense of satisfaction run -- Did she say anything else has to defend an 8% because of an apparent we -- quite certain of the 8% or not they sell red eye and a half we don't -- -- a.
We know how she was pretty refreshingly honest yesterday she sort of food -- You know we have a really bad economy right now we expected that used to be a lot better than they are.
And you know what's what's difficult now -- is we've spent so much money already and -- -- much money.
There's talk today now of that White House coming out with a second stimulus plan that was.
-- announced a late this afternoon.
But we -- we don't have the money to do that.
Now -- just fat about a trillion dollars but we're gonna borrow another trillion dollars on top of that I think it it puts us in -- deep deep debt hole if we do.
If the promise and I'm sure Christina Romer as a smart person nice president should never answered he is.
If she's devoted to the job devoted to the country wanted the right -- the promise is that she was wrong.
-- I -- I mean I've been wrong about -- to a fight and fortunately for the country I'm not the Canon Robinson.
That I've always objected to about the stimulus is that.
People -- Christina Romer said this was gonna create all of these jobs.
They said we're gonna get -- -- benefits from this funding but they didn't take into account it was like single entry bookkeeping and you get this funding for about the cost of the of the enormous debt.
And the taxes that eventually have to be raised to -- I -- to pay for that.
I guess that that I guess -- -- that worries me is that you know you can make a mistake you know -- that's drawn really don't like that but.
Do you have the courage -- if you've made a mistake to change course in this war are and that's why -- is a second stimulus because it on the courage to say which we do it different.
Nothing to do this -- because it truly -- a second stimulus ignore this is to keep.
Point and this is going to be the battle Royale when congress comes back and a couple of weeks.
It now sounds like the White House is gonna double well.
And and basically say let's do another 500 billion or trillion dollar spent ammunition they are talking about some business tax cuts which are interest thing.
But they also want to do a lot more of these -- -- quote her shovel ready.
Construction projects we've done a lot of those already.
And it certainly hasn't worked in the loop thing -- reason I don't think this this -- worked very well -- there was so much pork spending in this you know further.
That that turtle you know passes in the half arms and things like that about the.
-- I'm so I mean I mean that's only a little question can -- enough.
And it's devastating that we have a little details really you read you some right exactly.
I it's like and I would -- -- now estimates.
Welcome Roberts live effect I think the president has become somewhat isolated to of this nature economic advisers have -- As I've said many times on the show I think it's time to bring in the CEO or someone who knows runner on how to run a business of someone's actually hired workers to give them advice about how to get workers that more workers struck -- -- in -- Rose -- he's an aerospace and lighters back the next couple months is gonna be doing something -- -- -- -- like -- and humiliated Sunnis numbers today.
Right well don't forget what happens tomorrow you know the new one on one guess -- -- -- -- the new unemployment doesn't that trend to wait out -- -- revisit many -- that's where on the right track.
Well you know we're who knows what's gonna happen but a lot of economists are thinking and increased unemployment rate in more jobs lost -- So depressing because this -- supposed to be this summer for -- if this increases tomorrow and be very clear that in effect for the notes American people because -- neck.
It be so oppressive and certain terms and encourage you to go on to something so right we -- and if we can't -- exploit that's been out mistrust public Steve thank if.
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