Shocking! At Economic Panel, Panelists Talk About Economy

By October 5, 2010Economy, General, Taxation

At the meeting of the President’s Economic Recovery Advisory Board on Monday, several attendees thought it would be useful to advise the President on the economic recovery. Off message!

Bloomberg,Business Critics Take Obama ‘Off Script’ at White House Meeting“:

Corporate grievances against President Barack Obama intruded into a public meeting of the president and his outside economic advisory board as three members challenged him on regulation and tax policy.

While the topic of yesterday’s White House meeting was supposed to be education Mark Gallogly, managing partner of the buyout firm Centerbridge Partners LP, pressed Obama on regulatory burdens imposed by his administration.

How could a discussion about the role of business, taxes and regulation be an intrusion into a discussion about the economy?

AOL Politics Daily, “Obama at Odds With 2 Recovery Board Advisers Over Bush Tax Cuts

Professor Martin Feldstein of Harvard University was the first to broach the topic of the Bush tax cuts. He outlined three recommendations to the federal government: expand assistance to those homeowners whose mortgages are “under water” (meaning the debt on their property is greater than its actual value), increase assistance to banks that loan to small business (part of the recently passed small business bill) and extend the Bush-era tax cuts for both the nation’s middle class and top earners over the next two years, “to keep demand alive at a time when the economy is weak.”… [snip]

“There’s this concern about the business community’s attitude about the administration,” said Feldstein. “And it’s not just the business community — it’s high-income individuals, entrepreneurs and others. The increase in the tax on those individuals is a signal that they’re going to have to pay higher taxes, and it may be even more going forward.”

Associated Press, “Obama, panel veer into debate on tax cuts“:

At a meeting of the President’s Economic Recovery Advisory Board, Harvard economist Martin Feldstein pressed Obama to keep all the Bush-era tax cuts, not just the middle-class cuts the president wants to extend.

“That would give a boost to confidence,’’ Feldstein declared. William Donaldson, chairman of the Securities and Exchange Commission, added that an extension would allay business and consumer uncertainty.

The White transcript of the discussion is posted at here.

Join the discussion 2 Comments

  • hsr0601 says:

    1. Under the existing Bush tax cut for lavish bonus parties, a sole job plan for the republicans, the country already saw millions of job cuts.

    2. By contrast, Dems favor extension of tax breaks for middle class, the symbol of advanced countries.

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