American - Public | August 18, 1969 -
Look, I don't dispute that the deficit has increased.
Austan Goolsbee
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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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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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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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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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We have to do everything we can to try to create jobs and get people back to work.
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I was named DC's funniest celebrity.
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That is what happened in 2010. The administration and the leadership of the Republicans thought, 'Well, we're making a deal together; we're showing the world things can be done in a bi-partisan way. We're extending all our tax cuts for two years.'
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At the time of the formation of the euro, I would say most American economists said that's not a good idea; that's not a currency area that makes sense. And the answer from Europe was, 'How is Missouri and Mississippi a currency area?' But the flaw in that was not recognizing the importance of mobility.
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In Michigan, in the mid-'80s, the unemployment rate goes way up because a lot of factories shut down. And then, the mid-2000s, to pick a date, the unemployment rate in Michigan isn't that much higher than in the rest of the country. But the main way that happened is people moved.
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A lot more people are willing to invest in bonds denominated in euros. And there was the fiscal discipline argument, which is that this tied the hands of countries the market hasn't always trusted, which also helped them borrow at low rates.
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Whenever I interview someone for a job, I always ask them whether they want to sit in Bernanke's chair. The only wrong answer is, 'Who's Bernanke?'.
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