"The sensible way to address the current projected deficit is with a credible plan," Romer said at the Organisation for Economic Co-operation and Development 2010 Forum in Paris.
"It would be penny wise but pound foolish to deal with our long-term problems by significantly tightening fiscal policy immediately or foregoing additional spending to reduce unemployment," she said.
"Immediate fiscal contraction would inevitably nip the nascent economic recovery in the bud," she said.
On the world economy, she said that while some countries had to implement immediate austerity measures to bring public finances under control, others not in immediate distress could help the recovery by supporting demand.
She said that more domestic demand in China and Germany in particular would be an important factor in ensuring a balance in world trade. (Reporting by John Irish and James Mackenzie; editing by Patrick Graham)
Christina "Aunt Bee" Romer's recycled sound bites...
CNBC May 3, 2010: "It would be penny-wise and pound-foolish to try to deal with our long-run problem by tightening fiscal policy immediately or foregoing additional emergency spending to reduce unemployment," she said.
Reuters April 17, 2010: "It would be penny-wise but pound-foolish to try to deal with our long-run problem by tightening fiscal policy immediately or foregoing additional emergency spending to reduce unemployment, she said.
ABC News March 10, 2010: “It would be penny-wise but pound-foolish to deal with our long-run problem by tightening fiscal policy immediately or foregoing additional emergency spending to reduce unemployment.”
ABC News October 22, 2009: Given the precarious nature of the economy Romer added that now was not the time to raise taxes or cut government spending and inflation that is too low is a greater worry right now that inflation that is too high.
Pete and Repeat went down to the lake, Pete falls in, who is left...
Not Grandchild Friendly
Grandchildren Friendly
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