Quote of the week

Tim Cavanaugh at Reason.com, on Christina Romer’s departure from the Administration’s Council of Economic Advisers:

The ordinary function of government is to destroy talented people, but Romer’s epic failure has an additional element of tragedy. As an economist, Romer did an excellent job [pdf] of establishing that New Deal stimulus failed to end or seriously mitigate the Great Depression. As an Obama team player (and poignantly, a sunny supporter of the then-senator’s campaign), she made a 180-degree turn toward pro-stimulus hocus pocus. Romer will be remembered as the main advocate of the mythical “multiplier” phenomenon, in which every federal dollar spent producers more than 100 pennies worth of economic activity. This is the kind of economics you’d expect to hear from a fine arts major.

Maybe it won’t matter on the lobbyist/lecture circuit, but at some point a person must say, “I told all those lies and this is all I get for it?”

I can’t believe I didn’t come up with that for a T-shirt.





3 comments

  1. Jeff Brokaw »

    7 August 2010 · 12:33 pm

    You know you live in a postmodern world when even a well-regarded economist abandons her own research, backed up by decades of historical evidence, to support fairy-tale policies that, hey guess what, accomplish the opposite of what is intended.

    “Reality? What’s that?”

  2. KingShamus »

    7 August 2010 · 1:17 pm

    I had assumed she was always just working for some sort of golden parachute.

  3. CGHill »

    7 August 2010 · 1:25 pm

    They might as well hire Krugman and be done with it. He’s already demonstrated his devotion to whatever crackbrained scheme the Administration comes up with, to the extent of sacrificing his own reading comprehension, and it’s not like the New York Times is running low on pretentious gasbags and can’t spare him.

RSS feed for comments on this post