Our estimates suggest that a tax increase of 1 percent of GDP reduces output over the next three years by nearly 3 percent. The effect is highly significant.

Our estimates suggest that a tax increase of 1 percent of GDP reduces output over the next three years by nearly 3 percent. The effect is highly significant.

What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.

We're committed to working with Congress to doing what the president said he was always going to do, which is cut the deficit in half over the - over his first term.

Tax increases appear to have a very large sustained and highly significant negative impact on output.

I think where I differ a little bit, we absolutely have to think about the deficit looking down the road. And certainly that's something the president has said that we need to, as the economy recovers, have a plan in place for getting it down.

You know, I think the, the crucial thing, you know, we have put in place what is, is just simply the biggest, boldest recovery package in history, right; the stimulus package, biggest ever; the financial rescue, absolutely comprehensive; a housing plan - that is incredible medicine for the economy. And we fully expect it to work.

The goal of long-run economic growth without asset price bubbles is not only achievable, but is something we should expect if we put a sound regulatory framework in place and if policymakers remain vigilant.

If you look at the studies coming out of the Congressional Budget Office, the number one thing that's going to blow a hole in the deficit as we go forward 20, 30 years is government spending on healthcare.

Where we're coming down is we currently have $787 billion of stimulus that's been passed. We're certainly focusing on spending that money as quickly and as efficiently and as transparently as we can. We think that's absolutely the right strategy.

A natural way that an economist approaches a problem is to say, here's where I think the economy is going; this is what we need to deal with the problem.

A successful argument for a government manufacturing policy has to go beyond the feeling that it's better to produce 'real things' than services. American consumers value health care and haircuts as much as washing machines and hair dryers.

As a former member of President Obama's economic team, I have a soft spot for the fiscal stimulus legislation he signed just a month after his inauguration.

Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013.

I think something that forces financial institutions to write down underwater mortgages, I think, would be a sensible thing to do.

If every other store in town is paying workers $9 an hour, one offering $8 will find it hard to hire anyone - perhaps not when unemployment is high, but certainly in normal times. Robust competition is a powerful force helping to ensure that workers are paid what they contribute to their employers' bottom lines.

If you think about it, candidate Obama, Sen. Obama, was running on sort of long-run economic issues, like restoring prosperity to the middle class, dealing with the perennial problem of health care in the United States. He talked a lot about the budget deficit, about the need to transition to clean energy.

Many of my students assume that government protection is the only thing ensuring decent wages for most American workers. But basic economics shows that competition between employers for workers can be very effective at preventing businesses from misbehaving.

Most arguments for instituting or raising a minimum wage are based on fairness and redistribution. Even if workers are getting a competitive wage, many of us are deeply disturbed that some hard-working families still have very little.

Raising the minimum wage, as President Obama proposed in his State of the Union address, tends to be more popular with the general public than with economists.

Recent research suggests that New Deal programs may actually have had their primary impact on the economy by influencing consumer and business expectations of future growth and inflation.

Recovery measures work better when they raise confidence - as Franklin D. Roosevelt understood. His fireside chats, and his inaugural address proclaiming he would fight the Great Depression with the same resolve he would muster against a foreign foe, were aimed at reassuring Americans.

The basic idea that if you increase government spending or you cut people's taxes that stimulates the economy and lowers the unemployment rate, is a very widely accepted idea. It's in every economics textbook, that's what we teach our undergraduates, and I certainly try to teach them the truth.

The most effective way to shake an economy out of a terrible downturn when we're at the zero lower bound is an aggressive change in policy that makes people wake up, say 'this is a new day' and change their expectations.

The right way to deal with a budget problem that was years in the making is by formulating a credible plan to reduce the deficit over time and as the economy is able to withstand the necessary fiscal belt-tightening. That is what President Obama is doing.

The stimulus legislation, technically known as the American Recovery and Reinvestment Act of 2009, was a mixture of tax cuts for families and businesses; increased transfer payments, like unemployment insurance; and increased direct government spending, like infrastructure investment.

The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.

The present contains nothing more than the past, and what is found in the effect was already in the cause.

Bambi has a profound effect on children because it's about losing your mother.

To believe in a just law of cause and effect, carrying with it a punishment or a reward, is to believe in righteousness.

Our estimates suggest that a tax increase of 1 percent of GDP reduces output over the next three years by nearly 3 percent. The effect is highly significant.

The truth is, it's not a great career move to create a readership and then, in effect, abandon them.

I am for an art that takes into account the direct effect of the elements as they exist from day to day apart from representation.

Planets are too dim to be detected with existing equipment, far away, except in these very special circumstances where they're seen by their gravitational effect.

Well, in pharmacology, if the effect is local, it's of course absolutely awkward to use it in any other way than as a local treatment.

Writing songs has a therapeutic effect, and it either kills off love or wins the heart of the lover.

The good news was that Enterprise and the newly arrived Yorktown had attacked the Marshall and Gilbert islands. Those attacks had a great effect on morale.

Motherhood has a very humanizing effect. Everything gets reduced to essentials.

The Tax Code today is more complicated than ever, and the very people on the Republican side who denounce the Tax Code's complexity are the ones that put together what they now call a convoluted monstrosity. They put it into effect.

If the many allegations made to this date are true, then the burglars who broke into the headquarters of the Democratic National Committee at the Watergate were, in effect, breaking into the home of every citizen.

It would be great to take one city street and turn it into a pedestrian corridor and see what kind of effect it has on the businesses in that area - It's the future I think.

To enlarge or illustrate this power and effect of love is to set a candle in the sun.

The cause is hidden; the effect is visible to all.

Logic, like whiskey, loses its beneficial effect when taken in too large quantities.

The Vietnamese have a secret weapon. It's their willingness to die beyond our willingness to kill. In effect, they've been saying, You can kill us, but you'll have to kill a lot of us; you may have to kill all of us. And, thank heaven, we are not yet ready to do that.

The oppression of any people for opinion's sake has rarely had any other effect than to fix those opinions deeper, and render them more important.

In America you can say anything you want - as long as it doesn't have any effect.

Scientific men can hardly escape the charge of ignorance with regard to the precise effect of the impact of modern science upon the mode of living of the people and upon their civilisation.

It becomes a giant's task to compute the result when the effect of cross seas, wind at all angles and ever varying force, arched surfaces, head resistance, ratio of weight to area, and the intelligence of the guiding power crop up.