Larry Summers, a respected U.S. economist and former Harvard president, was from the start. Barack Obama made him his economic advisers. Summers has influenced the anti-recession program of the U.S. government since early 2008. Now he is stepping down as an adviser , just as it did a few weeks ago his equally renowned colleague Christina Romer , formerly chairman of Obama's economic council.
The U.S. economic crisis, despite all the measures that the U.S. government has taken since taking office not overcome. On the contrary, in recent months, the economic situation has worsened after a minor high again. Extrapolated for the year, there were still only in the second quarter economic growth of 1.6 percent - after the German reading is 0.4 percent. In recent weeks, consequently, increasingly in the U.S. come up fears that the U.S. economy could fall into recession, which is declared just officially the economist panel National Bureau of Economic Research (NBER) terminated for - since June 2009 .
Even worse is the situation in terms of unemployment, where the situation has not ever really relaxed. Over 16 million unemployed there are official. But in fact, unemployment is likely to be much higher, given the fact that more than 40 million Americans receive food stamps from the state, because they themselves are no longer able to feed themselves.
So when Larry Summers is an economist and knows the problems and causes of the disastrous economic and labor market situation, then why were all the actions taken virtually without success?
Edmund Phelps, the Nobel Prize-winning U.S. economist, believes that President Obama has the wrong advisors. A few weeks ago, he explicitly called Larry Summers, the Phelps Although estimates as intelligent and reliable, but not consider it original. Obama need "creative, wild thinkers with the courage to break new ground in economic policy" .
is true that Phelps can not with a plausible explanation for the persistent and apparently come up again deepening crisis. Yet he has his critics right, and with its proposal the road.
Summers now makes the ground for a reorientation of the crisis-free policy. Obama will have to think carefully on whose advice he now wants to hear. Much too delicate is the situation when that Obama could afford to make a choice that turns out to be wrong soon afterwards, because in the economy and the labor market does nothing for the better.
It is certainly true that at first glance to offer a well-known successor in economics or the economy. But what distinguished participants could contribute for the future? Their reputation is not based on knowledge and experiences that have failed in the crisis. The crisis has said the leading economists and business leaders and will be at a loss. The problems are still the same, they have not been resolved. The answers are still the leading specialists guilty to this day. And it should now be clear that the crisis with money alone, nor will be overcome with such drastic savings concepts.
before the congressional elections, however, even the best new consultants not move much. But would could possibly come a long way when Obama finally end the period of disorientation and present a new approach that is convincing enough to give hope to Americans again. And convincing, such an approach are only if both the coherent and convincing explanation for the causes of the plight of the necessary measures considered will be prefixed. to do this will not be easy, and the enormous problems there anyway for the time being continued.
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