Obama to nominate Alan Krueger to chair Council of Economic Advisors

posted at 12:05 pm on August 29, 2011 by Tina Korbe

In a midmorning speech in the Rose Garden to announce his intention to nominate Alan Krueger to chair his Council of Economic Advisors, President Obama hyped his response to Hurricane Irene before he tackled the topic at hand.

“This morning we’re continuing to deal with the impact and aftermath of Hurricane Irene,” he began. “As I said yesterday, folks are going to have all the help they need as they begin to assess and repair the damage left by the storm and that’s going to continue in the days ahead. It’s going to take time to recover from a storm of this magnitude. … Our response continues, but I’m going to make sure FEMA and other agencies are doing everything in their power to help people on the ground.”

The president then spun to the subject that occasioned the speech.

“Even as we deal with this crisis of the moment,” he said, “our great ongoing challenge as a nation remains how to get this economy growing faster.”

That challenge, the president said, encompasses the need to create a climate in which “more businesses can post job listings,” “folks can find work to relieve the financial challenge they’re feeling” and “families can regain a sense of economic security in their lives.”

“That’s our urgent mission and that’s what I’m fighting for every single day,” he said. “That’s why today I’m very pleased to nominate Alan Krueger to chair the Council of Economic Advisors.”

Krueger, a labor economist and member of Princeton’s faculty, served as assistant Treasury secretary for economic policy during the first two years of the Obama administration. He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage, which his research purports to demonstrate does not depress employment. He was also one of the minds behind the Cash for Clunkers program.

“Alan brings a wealth of experience to the job,” Obama said this morning. “He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

The president also repeated his “put country before party” theme as he explained the importance of the Council of Economic Advisors.

“I rely on the Council of Economic Advisors to provide unvarnished analysis and recommendations not based on politics, not based on narrow interests, but based on the best evidence, based on what’s going to do the most good for the most people in this country,” he said. “That’s more important than ever right now. We need folks in Washington to make decisions based on what’s best for the country not what’s best for any political party or special interest. That’s how we’ll get through this period of economic uncertainty and that’s the only way we’ll be able to do what’s necessary to grow the economy. So, it’s that spirit that I’m going to be calling upon in the coming days.”

He’ll be “calling upon it,” of course, with a much-anticipated jobs speech, which he claims will contain “bipartisan ideas that ought to be the kind of proposals that everybody can get behind.” The proposals he hinted at today, however, sounded like nothing new, as he emphasized the need to return money to the pockets of middle-class families (i.e. payroll tax cut extension) and to employ construction workers in the improvement of the nation’s roads, bridges, railroads and airports (i.e. infrastructure bank). Perhaps if he repeats his proposals often enough, they’ll become “bipartisan ideas” that “everybody can get behind.” That certainly seems to be his strategy.


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Krueger, another Clunker

faraway on August 29, 2011 at 12:11 PM

I think anyone Obama names as Economic Cheif should be named Freddie Krueger.

Nightmare on Wall Street.

William Amos on August 29, 2011 at 12:12 PM

When are these people going to realize that they just need to get out of the way. The Government´s “help” is not helping!

gullxn on August 29, 2011 at 12:13 PM

Just another Ivy League Keynesian. They crank them out like donuts.

Hummer53 on August 29, 2011 at 12:13 PM

Another academic with gub’mint ‘experience.’

How unexpected.

Cody1991 on August 29, 2011 at 12:14 PM

as well as a higher minimum wage, which his research purports to demonstrate does not depress employment.

Great news everyone! We should mandate a minimum wage of $100 an hour. Then we’ll all be upper class and there won’t be any affect on employment.

strictnein on August 29, 2011 at 12:14 PM

The future consumption tax would front-load consumption now, not with the carrot of federal subsidization, but with the stick of future taxation. In the same argument where he uses tax avoidance as a selling point, Krueger makes the static analysis of the revenue the tax would bring in. Brilliant, really.

Vashta.Nerada on August 29, 2011 at 12:14 PM

I’m sure he’ll be able to draw from all of his experience in the private sector as to what works and what doesn’t. Oh, wait…oops, nevermind.

Chuckie on August 29, 2011 at 12:15 PM

…another SOCIALIST taking notes from the failed british system is what he is. Typical, and will further damage his administration right up to the end. More proof Barry is NOT a proud American.

tx2654 on August 29, 2011 at 12:16 PM

“Alan brings a wealth of experience to the job,”

Unfortunately, he has learned nothing from experience.

Higher minimum wage?
Cash for Clunkers?
More taxes?

Meet the new Socialist, same as the old Socialist.

mankai on August 29, 2011 at 12:16 PM

I will gladly tax you tuesday for a hamberger today.

William Amos on August 29, 2011 at 12:16 PM

He was also one of the minds behind the Cash for Clunkers program.

“Alan brings a wealth of experience to the job,” Obama said this morning. “He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

…..a “wealth of experience” and a record of failure.

Baxter Greene on August 29, 2011 at 12:17 PM

He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage, which his research purports to demonstrate does not depress employment

Well, with that kind of advisor, we can forget about the economy recovering befor the 2012 election.

Count to 10 on August 29, 2011 at 12:17 PM

Great, another leftist egghead.

“economic fairness” “scabs”

forest on August 29, 2011 at 12:17 PM

Meet the new Socialist, same as the old Socialist.

mankai on August 29, 2011 at 12:16 PM

Meet the new Bolshevik, same as the Bolshevik.

/slightly closer to original

mankai on August 29, 2011 at 12:17 PM

I actually like Krueger. If we take as a given the fact that we’re going to disagree with the selection on policy, Krueger is much better than almost any alternative I can think of.

He’s more of a straight shooter than the man he replaces, less political, and more interested in evidence-driven debate. I’m sure we’ll be infuriated by a few things he’ll argue in the upcoming months, but he comes across as much less of an ideologue than others who might have been chosen.

Chuckles3 on August 29, 2011 at 12:17 PM

Somebody ask him how much Hurricane Irene helped the economy.

mankai on August 29, 2011 at 12:18 PM

“Alan brings a wealth of experience to the job,” obama said this morning. “He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

2 things:

1. Has even ever run a lemonade stand?
2. he may have studied policies, but has he ever had to implement them?

ConservativePartyNow on August 29, 2011 at 12:19 PM

Woohoo. Another Princeton economist … like the great Paul Krugman.

Krueger is the genius behind Cash for Clunkers? Perfect.

Jaibones on August 29, 2011 at 12:19 PM

Has he ever created a single job, other than “Princeton econ department intern”?

Jaibones on August 29, 2011 at 12:20 PM

Chuckles3 on August 29, 2011 at 12:17 PM

Well, he does conclude that poverty has little or no effect on terrorism. I’ll give him some credit there.

forest on August 29, 2011 at 12:21 PM

I’ll bet I could sell him a good used car./

NJ Red on August 29, 2011 at 12:22 PM

Another yes man prof

Pathetic

cmsinaz on August 29, 2011 at 12:23 PM

I wonder if anybody declined the job.

forest on August 29, 2011 at 12:24 PM

Quietly, there are more than a handful of “former Obama economics advisers.”

Ben Hur on August 29, 2011 at 12:26 PM

Loser.

Blake on August 29, 2011 at 12:28 PM

Krueger, a man with no real world economic experience labor economist and member of Princeton’s faculty

HondaV65 on August 29, 2011 at 12:30 PM

Princeton’s faculty

He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage, which his research purports to demonstrate does not depress employment. He was also one of the minds behind the Cash for Clunkers program.

Exit question. Just how stupid is today’s parent, shelling out $55k per year, so their kid can come out of college this utterly stupid?

MNHawk on August 29, 2011 at 12:31 PM

Krueger, a labor economist and member of Princeton’s faculty, served as assistant Treasury secretary for economic policy during the first two years of the Obama administration. He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage, which his research purports to demonstrate does not depress employment. He was also one of the minds behind the Cash for Clunkers program.

“Alan brings a wealth of experience to the job,” Obama said this morning. “He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

The president also repeated his “put country before party” theme as he explained the importance of the Council of Economic Advisors.

FAILED NOTIONS, failed policies, failed actions. All aimed at leaning more and more on Americans to take more from them than any government should ever have access to.

The Democrats have a failed idea as to government and I don’t see any talent from their midst that suggests they understand solutions to ongoing economic ruin, since they’re responsible for that by ongoing and wrong policies.

Obama has no one capable to name. Thus, he names another person who’ll make the current bad conditions worse. I think this is the Democrats’ only idea of a solution: ruin things more than they are.

Lourdes on August 29, 2011 at 12:32 PM

From Krueger’s article:

Why not pass a 5 percent consumption tax to take effect two years from now? There are many different ways to implement a consumption tax, but for simplicity think about a national sales tax.

In the short run, the anticipation of a consumption tax would encourage households to spend money now, rather than after the tax is in place. Along with the rest of the economic recovery package, this would help jump-start spending in the economy and thereby increase production and employment.

In the long run, a 5 percent consumption tax would raise approximately $500 billion a year, and fill a considerable hole in the budget outlook. In addition, a consumption tax would encourage more saving in the long run.

WTF??????

…here he is suggesting that raising taxes in 2 years will help the economy because so many people will spend what they can before getting hit with the tax increase…
…so he is admitting that this will hurt the average tax payer which is forced to spend before being penalized….but it doesn’t matter because they will get their quick “political” fix of consumer spending.
Then brags about bringing in more revenue later but doesn’t want to address the increased costs hitting Americans that are already suffering from increased costs now or the hits to the economy due to Americans spending even less.

This type of logic was tossed around in 2009 when economist claimed that businesses were spending quickly to avoid the hits of the Bush Tax cuts being struck down (but where reinstated by a filibuster proof democratic Congress…because…you know…raising taxes during hard economic times did not make sense then)….that worked out just greatttttt.

….only a socialist would claim that the average American having less money “encourages” savings.

…this is right on the heels of having VP Biden declare “that we have to spend money…to save money”…..

………….Having White House spokesman claim that “unemployment checks” create jobs…..

………………..and Obama administration official claim that “Food stamps” are putting people to work….

What a dam# ship of fools we have on the Hill!!!!

Baxter Greene on August 29, 2011 at 12:34 PM

Obama says will unveil jobs plan next week
http://news.yahoo.com/obama-says-unveil-jobs-plan-next-week-151541874.html

He said next week he would lay out a series of steps that the U.S. Congress can take immediately to put more money in the pockets of middle class families

Translation: Try and redistribute more wealth to buy votes with other people’s money.

And put construction crews to work.

Translation: Pay unionized construction workers to put up signs touting President Downgrade’s leading us out of his recession.

Chip on August 29, 2011 at 12:34 PM

Never heard of the guy… Sounds like another perfect pick by PBHO…

Khun Joe on August 29, 2011 at 12:34 PM

Great news everyone! We should mandate a minimum wage of $100 an hour. Then we’ll all be upper class and there won’t be any affect on employment.

strictnein on August 29, 2011 at 12:14 PM

He is correct, raising the MW to $100 will not suppress employment. However, a loaf of bread will cost $500.

Kafir on August 29, 2011 at 12:34 PM

Krueger is the genius behind Cash for Clunkers? Perfect.

Jaibones on August 29, 2011 at 12:19 PM

Yes, mind-boggling boondoggle. An intelligent person would sell themself by both admitting the responsibility BUT also provide a retraction and plan to repair that damage. But, nooo, not from the Obama Admin.

Lourdes on August 29, 2011 at 12:35 PM

“As I said yesterday, folks are going to have all the help they need as they begin to assess and repair the damage left by the storm and that’s going to continue in the days ahead.

King Barry is going to frack that chicken until Christmas.

Knucklehead on August 29, 2011 at 12:35 PM

how many days until the Election????

SDarchitect on August 29, 2011 at 12:35 PM

His strong suit is that he can speak Austrian…

right2bright on August 29, 2011 at 12:35 PM

Great news everyone! We should mandate a minimum wage of $100 an hour. Then we’ll all be upper class and there won’t be any affect on employment.

strictnein on August 29, 2011 at 12:14 PM

He is correct, raising the MW to $100 will not suppress employment. However, a loaf of bread will cost $500.

Kafir on August 29, 2011 at 12:34 PM

Yes, and expensive car parts now more expensive if even obtainable for some.

Lourdes on August 29, 2011 at 12:36 PM

“Alan brings a wealth of experience to the job,” Obama said this morning. “He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

So he’s never had any actual responsibility for anything. He has studied and developed stuff, but never had to actually make anything work. Yet, now he is responsible for the entire US economy. Lovely.

bitsy on August 29, 2011 at 12:37 PM

What a dam# ship of fools we have on the Hill!!!!

Baxter Greene on August 29, 2011 at 12:34 PM

Being a National Socialist means you never have to admit you’re wrong.

Chip on August 29, 2011 at 12:38 PM

Congress can take immediately to put more money in the pockets of working families and middle-class families

See, it’s not your money that you earned. It’s the governments money and they determine how much you can have. A simple statement that reveals how liberals think.

WashJeff on August 29, 2011 at 12:40 PM

WTF??????

…here he is suggesting that raising taxes in 2 years will help the economy because so many people will spend what they can before getting hit with the tax increase…

Baxter Greene on August 29, 2011 at 12:34 PM

Basic econ.101 (“extend more credit to the poor and lower income class because they’ll spend it all and the economy will benefit”) BUT WITHOUT REGARD FOR THE OTHER CONSEQUENCES, such as long-term poverty, indebtedness, delinquencies, increased suffering after the initial blush of something purchased on credit.

In other words, the only thing about “economics” the Democrats understand or want.

So tired of this. I agree, “WTF??????” only I’d add an exclamation point.

Lourdes on August 29, 2011 at 12:40 PM

Awwwww, the DOTUS has a new helper?

Same old same old, at some point you figure America will come out of this recession….. But consumer confidence is 70% of the US economy and I see no move to bring that up until MAYBE November 2012.

PappyD61 on August 29, 2011 at 12:41 PM

Ok, so appoint him and push for a consumption tax.

I can hold off on any large, or even moderately large purchases until after you kill it.

My appliances will last a few more years; I can make do with the furniture and electronics I have; I will put off getting a new car for another 5 years probably… go ahead.

Watch the economy as everyone tries to figure out what they can live without to avoid paying your new tax. You want less consumption, less sales, and less economic activity; punish the activity you have with more taxes.

Why do we want less economic activity?

Oh well, it probably won’t matter, and triple the minimum wage; it doesn’t hurt anything, right? See how many people at the margins you can put out of work while you’re destroying the economy.

Cash for Clunkers sounds like the best idea this guy has… and that’s kind of impressive. Spending a lot of money to adjust the timing but not the volume of sales while also destroying valuable property… and that’s the best plan he’s capable of?

Time to start breaking windows.

gekkobear on August 29, 2011 at 12:41 PM

What a dam# ship of fools we have on the Hill!!!!

Baxter Greene on August 29, 2011 at 12:34 PM

Being a National Socialist means you never have to admit you’re wrong.

Chip on August 29, 2011 at 12:38 PM

MOre debt, another bailout, followed by more debt, another bailout, more debt, here’s another bailout…”other people’s money”…”spreadin’ the wealth aroun’.”

Lourdes on August 29, 2011 at 12:42 PM

Somebody ask him how much Hurricane Irene helped the economy.

mankai on August 29, 2011 at 12:18 PM

Somebody ask him how many windows do you have to break to increase employment by 1%.

Or maybe Krugman, along with his extra-terrestrial attack calculations, has calculated that already too.

petefrt on August 29, 2011 at 12:45 PM

Being a National Socialist means you never have to admit you’re wrong.

Chip on August 29, 2011 at 12:38 PM

MOre debt, another bailout, followed by more debt, another bailout, more debt, here’s another bailout…”other people’s money”…”spreadin’ the wealth aroun’.”

Lourdes on August 29, 2011 at 12:42 PM

……perfectly stated.

Baxter Greene on August 29, 2011 at 12:45 PM

At least we can read Krueger’s published papers.

Any of Obama’s academic product ever turned up?

forest on August 29, 2011 at 12:45 PM

All leading up to a type of VAT tax, because of the enormity of the problem.

We just HAVE to!

Don’t you see!???

golfmann on August 29, 2011 at 12:46 PM

The future consumption tax would front-load consumption now, not with the carrot of federal subsidization, but with the stick of future taxation. In the same argument where he uses tax avoidance as a selling point, Krueger makes the static analysis of the revenue the tax would bring in. Brilliant, really.

Vashta.Nerada on August 29, 2011 at 12:14 PM

Isn’t that, generally, like saying “don’t worry, consume, someone else in the near future will have to pay for it.”

In other, other words, “increase debt” and “expect a bailout.”

Lourdes on August 29, 2011 at 12:48 PM

“This morning we’re continuing to deal with the impact and aftermath of Hurricane Irene,” he began. “As I said yesterday, folks are going to have all the help they need as they begin to assess and repair the damage left by the storm and that’s going to continue in the days ahead. It’s going to take time to recover from a storm of this magnitude. … Our response continues, but I’m going to make sure FEMA and other agencies are doing everything in their power to help people on the ground.”

..the nomination aside, this cretin (the POTUS) is sure milking the CAT 1 Hyper-cane for all it’s worth. The only hurricane-force winds observed when Irene made landfall in NY were coming from the mouths of Shemp, Geraldo, and the entire staff of CNN.

Well, I guess it’s better than a “shout-out” to a bud.

The War Planner on August 29, 2011 at 12:48 PM

Basic econ.101 (“extend more credit to the poor and lower income class because they’ll spend it all and the economy will benefit”) BUT WITHOUT REGARD FOR THE OTHER CONSEQUENCES, such as long-term poverty, indebtedness, delinquencies, increased suffering after the initial blush of something purchased on credit.

In other words, the only thing about “economics” the Democrats understand or want.

So tired of this. I agree, “WTF??????” only I’d add an exclamation point.

Lourdes on August 29, 2011 at 12:40 PM

Point made: Obamanomics in action

(via Verum Serum)

http://www.verumserum.com/?p=28507

…..word is she came in a close second to Krueger here.

Baxter Greene on August 29, 2011 at 12:50 PM

I can’t top Doug Powers’ “clunkers for clunkers” over at the Boss Emeritus’ place.

Steve Eggleston on August 29, 2011 at 12:52 PM

MOre debt, another bailout, followed by more debt, another bailout, more debt, here’s another bailout…”other people’s money”…”spreadin’ the wealth aroun’.”

Lourdes on August 29, 2011 at 12:42 PM

We don’t need to worry about Guam capsizing when we have leftists to crush the entire USA.

Cody1991 on August 29, 2011 at 12:53 PM

If the messy, Socialist-economics situation in Europe isn’t proof that demanding a “mean” across all conditions doesn’t work, I don’t know what does.

The European Union required a fixed measurement of worth (“the value of money”) across the continent while NOT requiring (nor was available to be had) a shared or fixed standard of production.

So OF COURSE water (“money”, value, worth along with corresponding debt or liabilities) seeks the lowest point and rolls to that. While the high points lose water.

EU and it’s Euro system has proven that Socialism and Communism just do not work to benefit general populations, same as Cuba and other Communist countries have proven Communism to be a disaster.

Everyone is NOT “the same” and by depressing producers, with the expectation that that’ll benefit the non-producers (or dependents on the producers in other words), you deplete productivity.

Margaret Thatcher summed it up very nicely: “The problem with Socialism is eventually you run out of other people’s money.”

Lourdes on August 29, 2011 at 12:54 PM

Great news everyone! We should mandate a minimum wage of $100 an hour. Then we’ll all be upper class and there won’t be any affect on employment.

strictnein on August 29, 2011 at 12:14 PM

Absolutely. Employers will be falling all over themselves to hire, because employers exist only to create jobs,…not make a profit. We all know that.

a capella on August 29, 2011 at 12:54 PM

Krueger, a labor economist and member of Princeton’s faculty, served as assistant Treasury secretary for economic policy during the first two years of the Obama administration. He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage,

A consumption tax (aka sales tax), unlike the income tax, is paid by EVERYBODY (including low income people). So low-income and middle-class people pay more to the government, and have less to spend. How does that “fix” today’s economy, and what would the government do with extra money?

Steve Z on August 29, 2011 at 12:57 PM

“He’s one of the nation’s leading economists. For more than 20 years, he has studied and developed economic policy both inside and outside the government.”

So, he has never actually worked in the private sector or CREATED a job? Holy crap, we’re doomed.

No wonder he thinks that increasing taxes and the minimum wage will have a positive impact on the economy! This is an example of everything that is wrong with this administration.

stevezilla on August 29, 2011 at 1:00 PM

Krueger, a labor economist and member of Princeton’s faculty, served as assistant Treasury secretary for economic policy during the first two years of the Obama administration. He favors “a future consumption tax to fix today’s economy,” as well as a higher minimum wage,

A consumption tax (aka sales tax), unlike the income tax, is paid by EVERYBODY (including low income people). So low-income and middle-class people pay more to the government, and have less to spend. How does that “fix” today’s economy, and what would the government do with extra money?

Steve Z on August 29, 2011 at 12:57 PM

It likely relies upon the Obamacare financial fiasco to “require” more from everyone but they haven’t figured that out yet, those who thought they’d get “free healthcare” from Obama.

It’s called increased debt via increased credit. I’m sure ole’ Warren Buffet and his new bank (Bank of America) will be sending out a whole lot of new credit cards and insurance schemes under various names pretty soon.

It’s all a big net intended to capture more of the income of the individual from all economic levels while expanding the government to employ more Democrats to get more money to expand government to get more…

Meanwhile, increased debt for all except those whose wealth is tied up elsewhere, otherwise, parked out of reach. Namely, the wealthy Democrats.

Lourdes on August 29, 2011 at 1:05 PM

“This morning we’re continuing to deal with the impact and aftermath of Hurricane Irene,” he began. “As I said yesterday, folks are going to have all the help they need as they begin to assess and repair the damage left by the storm and that’s going to continue in the days ahead. It’s going to take time to recover from a storm of this magnitude. …

Prolly a WHOLE GOB of union headquarters are in need of Federal Relief funds to rebuild.

Does Goolesbee figure he’s swiped just about enough money so he can get away with it???

BigWyo on August 29, 2011 at 1:08 PM

but he comes across as much less of an ideologue than others who might have been chosen.

Chuckles3 on August 29, 2011 at 12:17 PM

That hardly matters if he advances the same horrible ideas as an ideologue would, and it sounds like that is what he is fully prepared to do.

Missy on August 29, 2011 at 1:10 PM

Krueger’s “Consumption Tax”…basically a 500 billion dollar a year tax…. would be delivered on top of the massive tax increases already instituted and on the board to institute from the Obama administration:

Obamacare Taxes:

In all, the bill would generate $409.2 billion in additional taxes by 2019, according to an analysis by the congressional Joint Committee on Taxation, a nonpartisan agency. The bill also imposes about $69 billion more in penalties for individuals and businesses who don’t meet mandates to buy insurance, according to the Congressional Budget Office, another nonpartisan agency.

….plus

Reconciliation Bill’s taxes:

A jubilant President Obama put his signature on health care legislation yesterday, but the work isn’t done quite yet. The U.S. Senate must pass the Reconciliation Act of 2010, making a number of tax changes to current law.
By signing the legislation, Obama already broke his campaign promise not to raise “any form” of taxes on families making less than $250,000 per year. The reconciliation bill adds even more taxes for Americans — an estimated $52.3 billion over 10 years,

..and of course a lot of these taxes hit the middle class despite the dishonest talking points coming from the White House.

….plus

The Obama plan: massive tax hikes
posted at 9:03 am on February 27, 2009 by Ed Morrissey
http://hotair.com/archives/2009/02/27/the-obama-plan-massive-tax-hikes/

1) On people making more than $250,000.

$338 billion – Bush tax cuts expire
$179 billlion – eliminate itemized deduction
$118 billion – capital gains tax hike

Total: $636 billion/10 years

2) Businesses:

$17 billion – Reinstate Superfund taxes
$24 billion – tax carried-interest as income
$5 billion – codify “economic substance doctrine”
$61 billion – repeal LIFO
$210 billion – international enforcement, reform deferral, other tax reform
$4 billion – information reporting for rental payments
$5.3 billion – excise tax on Gulf of Mexico oil and gas
$3.4 billion – repeal expensing of tangible drilling costs
$62 million – repeal deduction for tertiary injectants
$49 million – repeal passive loss exception for working interests in oil and natural gas properties
$13 billion – repeal manufacturing tax deduction for oil and natural gas companies
$1 billion – increase to 7 years geological and geophysical amortization period for independent producers
$882 million – eliminate advanced earned income tax credit

Total: $353 billion/10 years

Hundreds of billions of dollars in tax hikes coming from the President who stated:

President Barack Obama said Thursday he’s amused by the anti-tax tea party protests that have been taking place around Tax Day…..


Obama told a fundraiser in Miami that he’s cut taxes, contrary to the claims of protesters.

“You would think they’d be saying thank you,” he said.

……No economy can thrive with this type of idiocy and dishonesty running things on Capitol Hill.

Baxter Greene on August 29, 2011 at 1:16 PM

that he will offer a jobs plan next week.

I can hardly wait…Krugman on the verge of a orgasm…

right2bright on August 29, 2011 at 1:23 PM

What a surprise! Obama promotes another person who has spent his life in academia and never actually worked in the private sector who peddles institutional failure like a higher minimum wage, a consumptions tax, and Cash for Clunkers.

And may I mention how annoying it is when Obama uses and over uses the word “folks”?

Buy Danish on August 29, 2011 at 1:24 PM

It’s only fitting that Alan Krueger joins his brother President Freddie Krueger Obama, in their joint destruction of the US economy.

eaglewingz08 on August 29, 2011 at 1:25 PM

Great news everyone! We should mandate a minimum wage of $100 an hour. Then we’ll all be upper class and there won’t be any affect on employment.

strictnein on August 29, 2011 at 12:14 PM

I had a debate with a lib once about this. This was back when Nancy Pelosi raised the minimum wage to $7.25. The lib was angry that it wasn’t raised even more. I said well how much higher should it be. He said at least $10. I said, nah, how about $200 an hour. He kind of looked at me funny and said, no way that’s too high. So I said OK, $125 an hour that’s fair. And taking the bait, he said that would hurt businesses if they had to pay all their employees that much money.

So finally I said OK so we both agree that minimum wage hurts business . We’re just debating on whether it should hurt businesses a lot or a little. Not unlike the Churchill prostitute story (if you don’t know it, look it up, it’s great).

angryed on August 29, 2011 at 1:25 PM

So, let’s get this straight. This guy has been Mini-Tim Geithner for the first two years of the 0ministration and now he’s being promoted? Hasn’t enough damage been done already?

Brilliant choice there, BarryBizzaro.

Key West Reader on August 29, 2011 at 1:28 PM

Oh lovely, his “research” shows that it doesn’t depress employment, but reality does. Depressing.

So, we can look forward to a new batch over barely over minimum jobs that over-qualified people will be forced to take because there are no real jobs.

Teenage unemployment will climb even higher, and we will have a whole new generation of yutes who have no idea how to work.

So, instead of taking that clerk job at 16, you can sit home and play video games, living off Mom and Dad.

Then in your mid to late twenties, maybe you can grab that job you should have had when you were 16, but not make enough to live on your own.

Buuuuut, big gov will be there to help, by forcing banks to give you a home loan (does anyone think that will ever stop?), or take more money away from Mom and Dad to offer handouts to help you get what you deserve. Then you can rack up some nice personal debt, while increasing the nation’s debt, so you can live like you had a real job.

Brilliant!

reaganaut on August 29, 2011 at 1:38 PM

Well if fits, Obama is the Freddie Krueger of economics, he has slashed and destroyed our economy…

right2bright on August 29, 2011 at 1:43 PM

i luv the idea of a future vat tax. Nudge people to spend their money now, in order to escape uncle sam’s vat tax in the future.

barry thinks he wins both ways.

/sarc

r keller on August 29, 2011 at 2:00 PM

Wow, another “Ivory Tower” academic sympathetic to Labor Unions. Who would have guessed?

glockomatic on August 29, 2011 at 2:02 PM

Tina slapped Alan.

Akzed on August 29, 2011 at 2:03 PM

Obama speech – what a bunch of unadulterated horse shit!

GarandFan on August 29, 2011 at 2:04 PM

Where is Obama finding all these people – Miami, Florida?

keep the change on August 29, 2011 at 2:10 PM

What is the definition of insanity? Clearly the architect of Cash for Clunkers deserves to be promoted based on its obvious and objective success! (heavy sarcasm implied) I wonder if he had a hand in the Mortgage re-write fiasco that held real estate prices even for a couple months before they (again!) dropped like a rock. It’s funny how his “bi-partisan” ideas are only bipartisan in that they had mild R support when he was in congress.

This is a new day Barry! Oh yeah, you suck.

drocity on August 29, 2011 at 2:13 PM

It sounds like he is going all-in for the last year of his presidency. Sadly, if we don’t turn this thing around in the next 1-2 years we will experience the same “restless youth” happening around the globe. We already seem to have a lost generation.

drocity on August 29, 2011 at 2:16 PM

A labor guy, meh.

Schadenfreude on August 29, 2011 at 2:17 PM

It seems bho had to have two totus to tell us about his nomination of this guy. Guess he needed it to get the guys name correct?

http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/three-minutes-two-teleprompters
L

letget on August 29, 2011 at 2:26 PM

Just another example of Obama doubling down on far left policies.

He talks all about compromise, bipartisanship, and coming together, but he never makes a single move towards the other side. It’s empty rhetoric designed to shame the other side to coming to him, which is a simple sucker play.

Obama is always setting the stage for the opposition to offer to split the difference, always a critical negotiating error because the offerer gives up half the difference in the positions, where the offeree hasn’t giving up anything – and can in fact make a counter offer to “split the difference” again, only now he only has to give up 25% of the difference, while the original splitter is stuck giving 75% up.

Adjoran on August 29, 2011 at 2:53 PM

From each according to their abilities to each according to their needs. What’s wrong with that?

Asks Elmer Fudd.

Dhuka on August 29, 2011 at 3:07 PM

This guy seems like he is cutting edge, no? Wake me up when this nightmare is over or the adults come back, whichever is first.

Fuquay Steve on August 29, 2011 at 3:07 PM

In the 90′s, I read an academic paper which became a chapter in the book Myth and Measurement: The New Economics of the Minimum Wage by Card, D. E. & Krueger, A.B.(1995). It’s been a long time, but I remember that the conclusion advocating minimum wage hikes was based on unemployment differences between New Jersey and Pennsylvania. The two state had different minimum wages. I remember thinking then that their conclusions were unfounded because of the other differences in the legal and regulatory climate between New Jersey and Pennsylvania. But that not the big problem for the paper. A paper with a conclusion so utterly bat s**t crazy as minimum wage hikes decrease unemployment shouldn’t have been printed in a peer reviewed journal.

I’m not sure how Obama could find a worse adviser if his goal is to grow the economy? Would a Marxist sociologist be any worse?

thuja on August 29, 2011 at 3:08 PM

And may I mention how annoying it is when Obama uses and over uses the word “folks”?

Buy Danish on August 29, 2011 at 1:24 PM

It is, but I find annoying whatever words he uses.

thuja on August 29, 2011 at 3:19 PM

Jobs plan teaser:

“Next week I will be laying out a series of steps that Congress can take immediately to put more money in the pockets of working families and middle class families, to make it easier for small businesses to hire people, to put construction crews to work rebuilding our nation’s roads and railways and airports,” he said.

Wow. Obama is awesome!

(Our airport and roads are always under construction…)

Mr_Magoo on August 29, 2011 at 3:30 PM

Great news. Another elitist Ivy League academic who lives in a Keynesian moonbat socialist bubble. What could possibly go wrong?

Philly on August 29, 2011 at 5:17 PM

thuja on August 29, 2011 at 3:08 PM

The methodology in the first few Card/Katz/Krueger studies was slipshod. There were some real issues when other researchers came behind them to check actual payroll records in the fast food restaurants CK had surveyed.

Economists aren’t normally trained in survey methodology (complex sampling yes, questionnaire design and cognitive testing no) and they made a hash of it — there was a lot of evidence that the respondents hadn’t understood what they were being asked about.

Repealing the Law of Demand is an extraordinary claim, and the studies he worked on didn’t really meet the burden necessary to be published (recall, effectively, this was supposed to be an illustrative non-result). But since economists are deeply perverse people, it was interesting enough to get out there in a good journal.

Try it with an insufficient sample or a design with bad power against the null with a cherished finding of the left some time, and you won’t get as far, I’d bet.

DrSteve on August 29, 2011 at 5:38 PM

yet another Ivy League professor detached from the economic realities, oh, and expert in ‘labor’…great, yet another unions’ fan apologist…why bother changing them, romer, golsbee, krueger, really, what’s the difference…wonder if this one paid his taxes..

jimver on August 29, 2011 at 7:01 PM