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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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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Giving Northern Europe a veto over Southern Europe's budgets will not hold a monetary union together. The euro zone will continue to need the weaker countries to stomach decades of high unemployment to grind down wages.
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The U.S. fiscal union has worked, in no small part, by enabling subsidies to the Mississippis without requiring the approval of the Minnesotas. It creates an important form of insurance.
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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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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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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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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.
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The data does not support that high-income tax cuts are the main drivers of growth, so I don't think that uncertainty over what the tax rate will be for someone that makes a million dollars a year has that big an impact on the economic growth rate in the country.
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It's clear that the medium and long-run fiscal challenges facing the country have to do with the rise of entitlement spending, they have to do with the longer run imbalances that we've created in the structure of the system.
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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.