That from this piece at Bloomberg:
Heresy, thy name is Christina Romer.
Last week, the chairman of President
Barack Obama’s Council of Economic Advisers — a position that carried the title “chief economist” until Larry Summers took up residence in the White House — testified to the Joint Economic Committee on the economic crisis and the efficacy of the policy response.
Here’s the executive summary in case you missed it:
The crisis: “Inherited.”
The economy: “In terrible shape” (the inherited one).
The shocks to the system: “Larger than those that precipitated the Great Depression.”
The policy response: “Strong and timely.”
The efficacy of the policy response: a 2 to 3 percentage point addition to second-quarter growth; 3 to 4 percentage points in the third; and 160,000 to 1.5 million “jobs saved or created,” a made-up metric if there ever was one.
“Government job creation is an oxymoron,” said
Bill Dunkelberg, chief economist at the National Federation of Independent Business. It is only by depriving the private sector of funds that government can hire or subsidize hiring.
That’s why “jobs created or saved” is such pure fiction. It ignores what’s unseen, as our old friend Frederic Bastiat explained so eloquently 160 years ago in an
I am now convinced that this Administration is purposed in doing one thing and in doing that one thing in a singular way.
Consolidate power by every imaginable deception.
This Administration must be stopped. Too many of us are hoping they are stopped by their own incompetence. I’m no longer convinced that this is going to happen.
I’m hoping I’m wrong.