3 of 7
Martin Regalia: Budget proposals are 'jaw dropping'
Martin Regalia: Budget proposals are 'jaw dropping'
Chief economist, U.S. Chamber of Commerce

It's very hard in this case to evaluate the Obama economic team on the basis of economics, because they have literally passed nothing other than the stimulus package. The U.S. Chamber of Commerce supported the stimulus. We didn't like the composition of it, but it has helped. On that kind of thing you give him a C for putting together and getting a package through, though it wasn't by any stretch an ideal package.

If you look at the housing market, they've put through all kinds of loan modification programs and those have pretty much failed. They haven't addressed fundamental problem of disappearing capital in the housing market. Therefore that hasn't worked. The stuff that's been done with regard to capital markets and credit markets has been more the purview of the Fed, like the TALF program [Term Asset-Backed Securities Loan Facility]. It's the Fed that gets the high marks on that. I haven't seen much done by Obama administration that's addressed capital markets except to get out of the way.

When I look at other areas in the economy, I think their tax policy will be a disaster, and their budget proposals are jaw dropping. The types of budget deficits he would run, the amount of government debt he would propose is staggering and would stagger the economy if they were allowed to be implemented. We can't function in a good sense with debt levels in the 60% to 80% debt-to-GDP range. These are numbers that are beyond the pale.

NEXT: Jeffrey Frankel: Obama 'willing to fight the fight'

Last updated August 06 2009: 12:32 PM ET
Email | Print | Share  |  RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
5 biggest share buybacks of 2014 Stock repurchases are booming. These five companies are ready to spend over $79 billion on buybacks. More
10 horrifying corporate mascots McDonald's Happy is part of a long lineage of creatures great and small that shill for products and mortify consumers. Mr. Mucus, anyone? More
5 best cities to launch a career The top spots in the U.S. for new grads to land a job -- and actually enjoy life -- according to financial site WalletHub. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.