I assure this committee that, if I am confirmed, I will be strictly independent of all political influences. |
I see inflation as remaining well-contained going forward. |
If I am confirmed to this position, my first priority will be to maintain consistency and continuity with the policies established during the Greenspan years. |
Low marginal tax rates are supportive of economic growth. I would submit that we would want to look very hard at government spending - make sure it's controlled - before we raise taxes, which, in turn, would have negative impacts on the economy. |
Middle-income living standards, and poverty for that matter, are best addressed through employment growth. By maintaining low inflation and low expectations of inflation, you can create new employment. |
My first priority will be to maintain continuing with the policy and policy strategies under the Greenspan era. |
The contrast between the 1970's and today is very marked. |
The destruction wrought by Katrina and Rita may reduce growth somewhat in the short run, but the longer-term growth trajectory remains in place. |
The greatest single cause of the fiscal surplus of the 1990s was the stock market bubble, which led to an unsustainably high level of economic activity and tax revenues. |
There is enormous demand for dollar denominated assets so I don't expect that this demand would drop precipitously. |
Those high oil prices are a burden on U.S. families, on firms' production costs. But the good news is that at least so far the U.S. economy has not been slowed by the high energy prices. |
Under Chairman Greenspan, monetary policy has become increasingly transparent to the public and the financial markets, a trend that I strongly support. |