They're described in the news media and viewed by those in their circles as being brilliant: skeptical sexist and sometimes-napping Lawrence "Larry" Summers, tax-code-challenged treasury secretary Timothy F. Geithner, Council of Economic Advisers chairwoman and Obama economic recovery plan author Christina M. Romer, and so many other beautiful people.
These gifted people are steering this nation's, and even the world's, economic recovery from the depths of a recession that, according to President Obama, has been years in the making.
The nation's economic health is on the rebound. Only 345, 000 jobs disappeared in May, which is a signal we should continue to trust in the hope-and-change rearrangers. After all, it far less than the 504,000 jobs lost in April. Even though the unemployment rate has climbed to 9.4 percent and more than 6 million jobs have been lost since December 2007 when the Obama administration says the recession began, we're in good hands. The stimulus plan is working. It's going to be kicked into overdrive. And President Obama, who today promised he would make 600,000 new jobs this summer, isn't going to let its money to be wasted despite what Vice President Biden says.
I'm glad the president thinks there's still rich people out there who can be taxed to pay for my health care reform. There is an economic pump that can be primed by spending money that's created out of thin air--the president and his brilliant New Keynesian economic advisers believe it and therefore so should I.
Sticky prices and wages, menu costs, dynamic stochastic general equilibrium models, credit market imperfections--it's all very stimulating. No wonder Larry Summers is famous for fueling with Diet Coke and Ms. Romer urges the president to swat Larry instead of an insect.