Austan Goolsbee
Austan Goolsbee
Austan Dean Goolsbeeis an American economist and the Robert P. Gwinn Professor of Economics at the University of Chicago's Booth School of Business. Goolsbee formerly served as the Chairman of the Council of Economic Advisers and was the youngest member of the cabinet of President Barack Obama...
NationalityAmerican
ProfessionEconomist
Date of Birth18 August 1969
CountryUnited States of America
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Cutting taxes for very high income people an average of more than $100,000 a year for people that make more than a million dollars a year is not an effective way to get the economy going.
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This recession is the deepest in our lifetimes, the deepest since 1929. If you take the people thrown out of work in the 1982 recession, the 1991 recession, the 2001 recession, not only is this bigger, this is bigger than all of those combined.
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We know there are a lot of people in the unemployment pool that do not match up in their skill set for what jobs are going to be created, and that's an area we've got to keep pressing on.
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So more than 8 million people lost their jobs. It's going to take a significant push on our part and time before that comes down. I don't anticipate it coming down rapidly.
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We enter the government essentially in a hotel that is on fire. We're throwing people from the windows into the pool to save their lives and this is the evaluation of the Olympic diving committee: Well, the splash was too big.
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If you had asked people in 1929, 'Here is what is about to happen. How much would you pay to avoid the Great Depression from occurring?' The answer is they would have paid a lot. They would have borrowed money if it could be used to prevent the Great Depression.
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There were 14,000 people at the rally for the president in Ohio. There were another 8,000 people in Virginia. If all 22,000 of those people opened their wallets and gave $1,000 each, that would be less than one donation from a billionaire to the super PACs. And that's why he's in for the fight of his life.
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The share of income that small business people are paying in taxes is the lowest it has been in 65 years - since Obama has cut taxes 18 or 22 times for small business.
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I believe - I'm not a political expert, but I believe there is a broad consensus, a middle ground if you will, that Democrats and Republicans, business people and workers can agree on, to get this - the economy growing faster, getting people back to work.
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When Texans suffered from the collapse of the oil market in the 1980s, they could rely on the fiscal union to help them. When Texas boomed with rising oil prices in the 2000s, it contributed to the union to help harder hit regions.
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The only question where there is disagreement is should the highest income rates above a quarter million dollars a year go back to where they were under Bill Clinton. That is the dispute about the taxes.
Look, I don't dispute that the deficit has increased.
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History teaches that the level of unemployment is not as important as whether the rate's going down.
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I don't believe, the president doesn't believe, that the high income tax cuts work, period. I don't think the evidence supports that.