The Obama administration has shifted from the “rescue phase” to encouraging private sector development to push the economy off the slow burner, one of President Obama’s key economic advisers said Sunday, arguing that the latest reports of a faltering economy are not a trend in the making.
Austan Goolsbee, chairman of the president’s Council of Economic Advisers, said the government has moved from efforts focused on saving the economy to a phase in which policies are aimed at “trying to leverage the private sector and give incentives” for growth.
Speaking on ABC’s “This Week,” Goolsbee said a review of agency regulations to ensure rules aren’t too costly, onerous or outmoded and a Social Security payroll tax break are encouraging businesses to continue adding to its record of 1 million new jobs in the past six months.
Martin Regalia, of the U.S. Chamber of Commerce, said the best prescription would be for the administration to back off trying to tweak the economy.
“This administration has tried to boost this economy in fits and starts by addressing a pinpoint here and a pinpoint there. The fact of the matter is, the economy is broad and diverse. And what this government has to do is get out of its way. And if it gets out of its way, the business confidence will return,” he told ABC’s “This Week.”