Announcement Effect Club
David Chavern of the Chamber of Commerce and Christina Romer, former chair of the Council of Economic Advisors (CEA), both joined the Announcement Effect Club this month. Interesting that two people on very different sides of the economic debate have something in common.
First, Romer in a New York Times article on Sunday:
Recently, two prominent figures have joined CRFB’s Announcement Effect Club. Joining the Announcement Effect Club requires a statement that taking action now to put in place measures to reduce future deficits can actually help the recovery by limiting upward pressure on interest rates that would be expected otherwise as the economy gains steam.
Erskine Bowles, co-chairman of the National Commission on Fiscal Responsibility and Reform, joined the Announcement Effect Club yesterday during the Commission's third meeting. Read Erskine's membership-affirming statement below:
We have to put forth a realistic plan, and if you put forth a realistic plan, people will believe it, and it will have a positive effect on the markets.