Quotes by Christina Romer - Page 1

Making labor less expensive helps firms hire people.
Christina Romer / Professor
Expensive
Firm
Helping
Labor
People
Helps
Hire
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Fewer people working means permanently lower tax revenues.
Christina Romer / Professor
Fewer
Mean
People
Taxes
Tax
Lower
Permanently
Revenues
Tax Revenues
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Tax increases appear to have a very large sustained and highly significant negative impact on output.
Christina Romer / Professor
Impact
Negative
Output
Significant
Tax
Appear
Increases
Large
Sustained
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What I desire to point out is that I wish the law was not so, but that being the law, I must follow it.
Christina Romer / Professor
Desire
Law
Wish
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You care about the deficit because it allows you to do things you need to do to help people who are suffering.
Christina Romer / Professor
Deficit
Needs
People
Suffering
Help People
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I think something that forces financial institutions to write down underwater mortgages, I think, would be a sensible thing to do.
Christina Romer / Professor
Sensible
Thinking
Underwater
Writing
Forces
Mortgages
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The very first email I got [was] from a women's group saying 'We don't want this stimulus package to just create jobs for burly men.'
Christina Romer / Professor
Jobs
Men
Want
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A natural way that an economist approaches a problem is to say, here's where I think the economy is going; this is what we need to deal with the problem.
Christina Romer / Professor
Economist
Needs
Thinking
Way
Approaches
Natural Way
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As a former member of President Obama's economic team, I have a soft spot for the fiscal stimulus legislation he signed just a month after his inauguration.
Christina Romer / Professor
Former
Inauguration
Legislation
Months
President
Stimulus
Team
Month
Fiscal
Spot
Member
Signed
Soft Spot
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Our estimates suggest that a tax increase of 1 percent of GDP reduces output over the next three years by nearly 3 percent. The effect is highly significant.
Christina Romer / Professor
Gdp
Output
Significant
Three
Years
Tax
Nearly
Effect
Estimates
Suggest
Tax Increase
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Raising the minimum wage, as President Obama proposed in his State of the Union address, tends to be more popular with the general public than with economists.
Christina Romer / Professor
General Public
Minimum
Minimum Wage
President
President Obama
Unions
Obama
Economists
Popular
Union
Proposed
Tends
Wage
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We're committed to working with Congress to doing what the president said he was always going to do, which is cut the deficit in half over the - over his first term.
Christina Romer / Professor
Committed
Congress
Deficit
Term
First Term
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Honest talk about the deficit is risky. Voters are more enthusiastic about the abstract notion of deficit reduction than about the painful details of accomplishing it.
Christina Romer / Professor
Abstract
Deficit
Details
Enthusiastic
Honest
Notion
Reduction
Voters
Accomplishing
Deficit Reduction
Risky
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Recent research suggests that New Deal programs may actually have had their primary impact on the economy by influencing consumer and business expectations of future growth and inflation.
Christina Romer / Professor
Expectations
Growth
Impact
Inflation
New Deal
Consumer
Programs
Primary
Recent
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Climate change and dependence on foreign oil are problems that won't go away on their own. Tabling plans to deal with them doesn't make it easier for companies to plan and invest; it makes it harder.
Christina Romer / Professor
Climate
Climate Change
Dependence
Foreign Oil
Going Away
Harder
Oil
Plans
Invest
Foreign
Go Away
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If you look at the studies coming out of the Congressional Budget Office, the number one thing that's going to blow a hole in the deficit as we go forward 20, 30 years is government spending on healthcare.
Christina Romer / Professor
Government
Blow
Deficit
Government Spending
Healthcare
Spending
Years
Budget
Congressional
Hole
Studies
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The goal of long-run economic growth without asset price bubbles is not only achievable, but is something we should expect if we put a sound regulatory framework in place and if policymakers remain vigilant.
Christina Romer / Professor
Running
Achieve
Bubbles
Economic Growth
Framework
Goal
Long
Vigilant
Asset
Policymakers
Price
Regulatory
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Thanks to former President George W. Bush - remember the compassionate conservative? - I have a good name for the fundamental principle that should guide the Democratic alternative: compassionate deficit reduction.
Christina Romer / Professor
Compassionate
Deficit
Former
President George W Bush
Reduction
Thanks
Alternative
Bush
Deficit Reduction
Fundamental
Fundamental Principle
George
George W
George W. Bush
Guide
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The most effective way to shake an economy out of a terrible downturn when we're at the zero lower bound is an aggressive change in policy that makes people wake up, say 'this is a new day' and change their expectations.
Christina Romer / Professor
Zero
Aggressive
Downturn
New Day
Wake Up
Bound
Effective
Effective Way
Lower
Shake
Wake
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There's a joke in economics about the drunk who loses his keys in the street but only looks for them under the lightposts. When asked why, he says, 'because that's where the light is.' That's the problem with the deficit.
Christina Romer / Professor
Deficit
Drunk
Keys
Light
Looks
Loses
Asked
Street
Says
The Problem With
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President Obama has repeatedly urged Congress to let the Bush tax cuts expire for those earning more than $250,000 a year. Increasing rates on top earners is an obvious way to raise revenue from those who can afford it most.
Christina Romer / Professor
Cutting
Obvious
President
President Obama
Revenue
Tax Cuts
Years
Tax
Afford
Way More Who
Bush
Bush Tax Cuts
Cuts
Earner
Expire
Increasing
Raise
Rates
Repeatedly
Urged
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Most arguments for instituting or raising a minimum wage are based on fairness and redistribution. Even if workers are getting a competitive wage, many of us are deeply disturbed that some hard-working families still have very little.
Christina Romer / Professor
Disturbed
Fairness
Hard Work
Littles
Minimum
Minimum Wage
Workers
Based
Competitive
Deeply
Getting
Still
Hard-Working
Raising
Redistribution
Wage
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A successful argument for a government manufacturing policy has to go beyond the feeling that it's better to produce 'real things' than services. American consumers value health care and haircuts as much as washing machines and hair dryers.
Christina Romer / Professor
Hair
Haircuts
Health Care
Machines
Manufacturing
Produce
Real
Successful
Washing
American Consumers
Services
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I think where I differ a little bit, we absolutely have to think about the deficit looking down the road. And certainly that's something the president has said that we need to, as the economy recovers, have a plan in place for getting it down.
Christina Romer / Professor
Deficit
Down The Road
Littles
President
Thinking
Differ
Recovers
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Where we're coming down is we currently have $787 billion of stimulus that's been passed. We're certainly focusing on spending that money as quickly and as efficiently and as transparently as we can. We think that's absolutely the right strategy.
Christina Romer / Professor
Spending
Stimulus
Strategy
Currently
Billion
Efficiently
Focusing
Money Down Right
Passed
Quickly
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The central question is whether Medicare and Medicaid should remain entitlement programs guaranteeing a certain amount of care, as Democrats believe, or become defined contribution programs in which federal spending is capped, as Republicans suggest.
Christina Romer / Professor
Contribution
Defined
Entitlement
Entitlement Programs
Federal Spending
Medicaid
Spending
Central
Democrats
Republicans
Guaranteeing
Programs
Remain
Suggest
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If increasing income equality is the goal, it might be wiser to put money into infrastructure than to subsidize manufacturing. Construction also pays good wages, but with lower educational requirements. And America's infrastructure needs are enormous.
Christina Romer / Professor
Equality
America
Construction
Educational
Enormous
Goal
Income
Infrastructure
Manufacturing
Requirements
Wages
Wiser
Subsidize
Lower
Pays
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The right way to deal with a budget problem that was years in the making is by formulating a credible plan to reduce the deficit over time and as the economy is able to withstand the necessary fiscal belt-tightening. That is what President Obama is doing.
Christina Romer / Professor
Credible
Deficit
President Obama
Right Way
Time Doing Way
Budget
Time Way Doing
Fiscal
Reduce
Withstand
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Many of my students assume that government protection is the only thing ensuring decent wages for most American workers. But basic economics shows that competition between employers for workers can be very effective at preventing businesses from misbehaving.
Christina Romer / Professor
Government
American Workers
Competition
Decent
Employers
Preventing
Protection
Wages
Workers
Assume
Basic
Businesses
Effective
Ensuring
The Only Thing
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The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.
Christina Romer / Professor
Consumers
Crash
Income
Market Crash
October
Pessimistic
Spending
Unsure
Wealth
Destroy
Led
Stock
Stock Market
Waited
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Tax increases appear to have a very large sustained and highly significant negative impact on output. Since most of our exogenous tax changes are in fact reductions, the more intuitive way to express this result is that tax cuts have very large and persistent positive output effects
Christina Romer / Professor
Cutting
Impact
Philosophy
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The stimulus legislation, technically known as the American Recovery and Reinvestment Act of 2009, was a mixture of tax cuts for families and businesses; increased transfer payments, like unemployment insurance; and increased direct government spending, like infrastructure investment.
Christina Romer / Professor
Direct
Government Spending
Infrastructure
Investment
Legislation
Recovery
Spending
Stimulus
Tax Cuts
Unemployment
Tax
Businesses
Cuts
Insurance
Mixture
Payments
Transfer
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Recovery measures work better when they raise confidence - as Franklin D. Roosevelt understood. His fireside chats, and his inaugural address proclaiming he would fight the Great Depression with the same resolve he would muster against a foreign foe, were aimed at reassuring Americans.
Christina Romer / Professor
Confidence
Foe
Great Depression
Muster
Proclaiming
Reassuring
Recovery
Resolve
Understood
Work Great Better
Measures
Raise
Roosevelt
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AS an economic historian, I appreciate what manufacturing has contributed to the United States. It was the engine of growth that allowed us to win two world wars and provided millions of families with a ticket to the middle class. But public policy needs to go beyond sentiment and history.
Christina Romer / Professor
War
Appreciate
Class
Historian
Manufacturing
Middle Class
Millions
Public Policy
Winning
Wars
Engine
Sentiment
Provided
Ticket
World Wars
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The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.
Christina Romer / Professor
Accepted
Government Spending
Increase
Rate
Spending
Taxes
Unemployment
Unemployment Rate
Truth Government People
Basic
Stimulates
Textbook
Widely
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If you think about it, candidate Obama, Sen. Obama, was running on sort of long-run economic issues, like restoring prosperity to the middle class, dealing with the perennial problem of health care in the United States. He talked a lot about the budget deficit, about the need to transition to clean energy.
Christina Romer / Professor
Running
Budget Deficit
Class
Clean
Clean Energy
Deficit
Health Care
Middle Class
Restoring
Thinking
Obama
Budget
Candidate
Dealing
Perennial
Talked
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If every other store in town is paying workers $9 an hour, one offering $8 will find it hard to hire anyone - perhaps not when unemployment is high, but certainly in normal times. Robust competition is a powerful force helping to ensure that workers are paid what they contribute to their employers' bottom lines.
Christina Romer / Professor
Bottom
Competition
Employers
Helping
Lines
Offering
Powerful
Robust
Unemployment
Workers
Contribute
Ensure
Hire
Hour
Paying
Powerful Force
Store
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In the four decades after World War II, manufacturing jobs paid more than other jobs for given skills. But that is much less true today. Increased international competition has forced American manufacturers to reduce costs. As a result, the pay premium for low-skilled workers in manufacturing is smaller than it once was.
Christina Romer / Professor
Jobs
War
Competition
Decades
Premium
Skills
Workers
World War Ii
War Today World
Costs
Forced
Manufacturers
Manufacturing Jobs
Reduce
Smaller
World War
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Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.
Christina Romer / Professor
Analysis
Deficit
Fall
Gross
Office
Rate
Reduction
Significant
Turkeys
Annual
Budget
Cliff
Congressional
Deficit Reduction
Domestic
Estimated
Headlong
Recent
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You know, I think the, the crucial thing, you know, we have put in place what is, is just simply the biggest, boldest recovery package in history, right; the stimulus package, biggest ever; the financial rescue, absolutely comprehensive; a housing plan - that is incredible medicine for the economy. And we fully expect it to work.
Christina Romer / Professor
Comprehensive
Crucial
Financial
Housing
Medicine
Recovery
Rescue
Stimulus
Thinking
Boldest
Fully
Incredible
Package
Stimulus Package
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What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.
Christina Romer / Professor
Compensation
Financial
Focused
Heaven
Pay
Rewards
Risk-taking
Sensible
Shareholders
Short Term
Term
Efforts
Least
Minding
Regulatory
Store
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