Nice one from NewsReal Blog following last week's resignation of The One's Chief Economics Adviser, Christina Romer. NRB comments:
That’s what she deserves for supporting political policies in stark contrast to her own The Macroeconomic Effects of Tax Changes where she states in the abstract:
“. . . tax increases [designed] to reduce [an] inherited budget deficit or to promote long term growth . . .are highly contractionary. The effects are strongly significant [and] highly robust . . . The large effect stems in considerable part from a powerful negative effect of tax increases on investment”.
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