My friend Jason Furman keeps telling me that the Obama Administration sincerely sought throughout its tenure in office to boost employment in America via expansionary fiscal policy. I agree that Jason did. But the administration? No. When Jason and company could win internal fights, yes. But otherwise the Obama Administration seemed to me to be focused on winning the day's media narrative, and if dingbat kabuki moves that were destructive of employment growth could attain that daily goal, they were gleefully and joyfully embraced—even if they were pointlessly cruel to those4 on whom the success of the Obama Administration rested. For example:
Jack Lew (November 29, 2010): Tightening Our Belts https://obamawhitehouse.archives.gov/blog/2010/11/29/tightening-our-belts: "To lay the foundation for long-term economic growth and to make our nation competitive for years to come, we must put the United States back on a sustainable fiscal course. And that’s going to require some tough choices. Today, the President made one of those: proposing a two-year pay freeze for all civilian federal workers. This will save 2 billion over the remainder of this fiscal year, 28 billion in cumulative savings over the next five years, and more than 60 billion over the next 10 years. The freeze will apply to all civilian federal employees, including those in various alternative pay plans and those working at the Department of Defense – but not military personnel.... Make no mistake: this decision was not made lightly. Like everyone honored to serve in the White House or the Cabinet, we work with extraordinarily talented public servants every day.... Indeed, anyone who has flown safely, enjoyed our national parks, received a Pell grant to go to college, or relied on a Social Security check to retire in dignity has benefited from the service of federal workers. This pay freeze is not a reflection on their fine work. It is a reflection of the fiscal reality that we face: just as families and businesses across the nation have tightened their belts, so must the federal government...
#noted #2019-10-19
