Former Obama economist questions wisdom of stimulus checks

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    • #390921
      N2Doc
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      • Total Posts: 8,843

      Stimulus checks, which enjoyed widespread public support and were included in the recent economic relief package signed into law by President Donald Trump, are not the best use of taxpayer dollars, a former top Obama administration economist said Sunday.

      The first round of stimulus checks sent last year “didn’t do all that much,” were not necessarily fair and didn’t help the sectors that were hurting the most, said Christina Romer, a professor of economics at the University of California, Berkeley. She served as chair of then-President Barack Obama’s Council of Economic Advisers and helped design the government’s response to the 2008 financial crisis.

      Most people said they were going to save their stimulus payments or use them to pay down debt.

      “So at least I find it unfortunate that the one-time stimulus payments are one of the biggest components, and had a comeback, in the most recent fiscal package,” Romer said during a panel discussion Sunday at the American Economic Association’s annual meeting.

      more

      https://www.marketwatch.com/story/former-obama-economist-questions-wisdom-of-stimulus-checks-11609722724?link=sfmw_fb

      Elitist Bullshit

    • #390923
      djean111
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      • Total Posts: 6,438

      That’s all.   Bullshit from an Obama con.

      “Most people”, my ass.  Totally disconnected from how we masses actually live.  I am guessing her idea of a good use of taxpayer money is giving it to Wall Street and the MIC.

      America is not a country, it's just a business. (Brad Pitt, Killing Them Softly)

      Everything I post is just my opinion, and, honestly, I would love to be wrong.

      • #390967
        PolecatHollerer
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        • Total Posts: 1,364

        Most people in her elite, sanitized bubble of reality.

        If you give a man enough rope, it will be six inches too short. This is not the nature of rope- it is the nature of man.

    • #390939
      David the Gnome
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      • Total Posts: 3,230

      The whole idea of “trickle down economics” took flight.  It is basically, as the elder Bush called it then, voodoo economics.  Yet most Republicans and even a large number of democrats now consider it practically a part of their religion.

      Give to the wealthy, tax the middle class.  The working class gets screwed hard – and as for the poor, they attempt to give just enough to prevent an uprising.  Your typical conservative does not understand that last part – they think we should kill the so called “welfare state”.

      I am not sure they realize what that would mean.  Tens of millions suddenly with nothing at all…. oh yes, massive spikes in crime, homelessness, street violence, civil unrest.  Plus some portion of the middle and working class getting fucked even harder as they try to support poorer family.

      Of course trickle down doesn’t work if your intent is a decent, or fairer economy for the masses.  Eventually, the whole model/theory falls apart because nearly everything of value is in the hands of just a few of the wealthy.

      They don’t support this because they want a better world or life – not for anyone but themselves.

      So, here we are.  The outgoing President was a billionaire, the incoming is a millionaire, with a VP who is a hundred millionaire.  They know damn well that money given to the wealthy doesn’t trickle down, but, see… THEY are wealthy.

      Sanders gets it.  That was why so many of us supported him.

      Overall though… economics is a flawed and (in practice) deeply soft science.  With economic data, if the intent is a decent, sustainable economy… then trickle down has no place and our politicians have no business being millionaires.

      As such… to make real change, I think only a massive uprising would have any hope.  They will not surrender a damn thing willingly.

      These “economists” they parade about are their tools to convince us that their Bull shit economics have validity.  They don’t – not for those of us who aren’t millionaires.

    • #390944
      GZeusH
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      • Total Posts: 4,259

      Classical ‘economists’ making explanations of why bad things happen to good people by using unproven, supernatural explanations.  I thought that was religions’ job.

      Corporate America consists of totalitarian entities laser-focused on short-term greed.

    • #390950
      gordyfl
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      • Total Posts: 1,789

      Supposing someone has an unexpected car repair bill that they have to put on their credit card. That’s fine with the banks as they collect interest on those credit cards. So, they are not worried about “those people”. I think people like Larry Summers, Thomas Friedman, and now Christina Romer are more worried about corporations and municipalities making their payments on their bonds — corporate bonds and municipal bonds. They look at life differently than the average American. They worry about bond-holders and the bond market more than they do ordinary Americans.

      Christina Romer: “Most people said they were going to save their stimulus payments or use them to pay down debt. So at least I find it unfortunate that the one-time stimulus payments are one of the biggest components, and had a comeback, in the most recent fiscal package.”

      Romer said that the biggest failure in the new relief package is the lack of adequate aid for state and local governments.

      “State and local budgets are in just a shamble” she said.

    • #390960
      jwirr
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      • Total Posts: 1,917

      Just another trickle downer who does not remember the past. You cannot help a falling economy from the top. What was wrong with these stimulous checks is they are too small.

      jwirr

    • #390969
      A Simple Game
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      • Total Posts: 1,091

      I will buy one of the Obama’s books and/or watch one of their Netflix shows.

      Win – win, do we have a deal!

    • #390981
      MizzGrizz
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      • Total Posts: 3,526

      That’s all I needed to hear.

    • #390999
      mmonk
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      • Total Posts: 904

      .

      Fear not the path of Truth for the lack of People walking on it. - RFK

    • #391019
      N2Doc
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      • Total Posts: 8,843

      I love how they say the money will go to paying down debt for people like it is a bad thing. Like paying some of the car payments, credit card debt, student loans, or other high interest rate debt is bad. It is only bad for the loan sharks…

    • #391109
      Earthartist
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      Hi I went to harvard , my parents went to Harvard, they paid my 70 th dollar tuition. Then I went to Harvard law school my parents paid for my tuition. My graduation present was a little cottage on Long Island. Now I can pontificate about all you little people because I am Obummers friend and I went to harvard . I am the elite and I know

      Earthartist

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