Edward Lazear Quotes
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Over a longer period of time, it would be a significant problem.
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On the other side of the trade deficit, of course, is the capital surplus. We are buying more goods than we are selling, but, on the other hand, the capital account surplus means that the United States is such an attractive market...that individuals from abroad are investing in the United States...at a record rate.
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We would see lower levels of investment, lower economic growth, and as a result, lower wage gains.
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If you look at the housing market and say, are housing prices going up where job growth is high, where wage growth is high, where demographic movement brings people into the housing market? All of those things seem to be true.
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Over the longer period of time it would move in exactly the wrong direction because it would encourage us to use more oil, not less.
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One of the things we worry about when we cut the tax on gasoline is that it basically stimulates additional use.
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We are moving into that phase where we expect that wage growth will catch up and take productivity over.
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It is a little surprising given the strength of the economy that there is a perception - at least among some of the public - that the economy is not very good.
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The only way to eliminate the deficit in the long run is through growth.
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But there are other issues that we have to think about is that the best way to be using our tax revenues? Is it the most efficient way to allocate our resources? And so there are a number of issues that are under study on that.
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Are people behaving as if they believe this is a weak economy? I see no indication of that. In fact, I see the contrary.
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The term 'income inequality' is a bit misleading because it suggests in a somewhat pejorative way that the rich are getting richer at the expense of the poor.
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That probably is one of the policies we would like to avoid.
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There's not much we can do about it in the short run, and that's the reality.
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If we were to see an abrupt change in exchange rates, we might expect there might be some change in that. But again, I don't think anybody's predicting any kind of abrupt change.
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Most who have been looking at the fourth quarter view that as a blip rather than a trend and expect a continued strong economy.
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It would be a significant problem and it would move in exactly the wrong direction.