There is a particular cacophonous distaste when Christina Romer's voice waddles through my speakers. The Chair of the White House CEA "cringes at the thought" of ending the stimulus early, and swears that the White House is "not cool with trillion-dollar deficits," though she offers no alternative, besides the vague illusion of savings from healthcare reform.
Why? Because they have NO deficit-reduction plan. None. Geithner, Summers, Romer & Obama are praying, salivating for massive debt-induced growth. They have no other hope.
Meanwhile, tic-tock, just don't look at the debt clock.
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Tech Ticker: White House CEA Chair Dr. Christina Romer with Henry Blodget & Aaron Task
- "I frankly cringe every time I hear anyone say, ‘gee, maybe we should just cancel the second half'" of the $787 billion package passed last February, Romer says. "All the good forecasts we're seeing about GDP growth, about the recession ending are predicated on the kind of stimulus that's providing. It's so important, obviously, that that continues."
- Those calling for "exit strategies" are confusing the fact that the economy has apparently turned a corner with one that's back to normal, Romer says. "It's so important to realize, an unemployment rate at 9.8% is far from normal [and] we don't expect it will drop from 9.8% right down to more normal levels instantaneously. We'll have plenty of notice when it's time to start pulling back."
My commentary: By normal she means the debt-induced levels of 2002-2007. How does she keep a straight face in referring to the artificial as 'normal?' We will not see similar levels of output for many, many years, even if Bernanke's great debt re-blow are successful.
Tech Ticker Video: Romer on Deficits and Healthcare Reform
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