{"id":513818,"date":"2010-04-04T13:05:10","date_gmt":"2010-04-04T17:05:10","guid":{"rendered":"http:\/\/blogs.wsj.com\/economics\/2010\/04\/04\/ipad-sales-may-help-but-spending-wont-drive-the-recovery\/"},"modified":"2010-04-04T13:05:10","modified_gmt":"2010-04-04T17:05:10","slug":"ipad-sales-may-help-but-spending-won%e2%80%99t-drive-the-recovery","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/513818","title":{"rendered":"iPad Sales May Help, But Spending Won\u2019t Drive the Recovery"},"content":{"rendered":"

On NBC’s “Meet the Press” on Sunday, host David Gregory<\/strong> initially appeared to be trying to make White House economic adviser Christina Romer<\/strong> the first senior administration official to mention Apple’s iPad<\/strong> publicly after its release Saturday. But he turned instead to a broader question about the economic recovery.<\/p>\n

Said Gregory, against video of people waiting outside Apple stores: “I want to ask you about a phenomenon that people are talking about this weekend. It has to do with consumers, and that’s Apple’s new product, the iPad. There’s lines around the country of people. You know, commerce in action, right? People are buying these products. But it leads to a question as to whether you think, as an economist, that consumers can actually drive a recovery that is sustained?”<\/p>\n

Ms. Romer, chair of the White House Council of Economic Advisers<\/strong>, didn’t mention the iPad in her response. But she made it clear that the administration isn’t counting on consumer spending, which drives 70% of economic output, to lead the recovery as it did after the 2001 recession.<\/p>\n

“I think this is going to be a different kind of recovery. I think it’s not going to be one where consumers come roaring back as the engine of growth. They have been through a very rough two years. They’ve seen their house prices come down. So we see solid consumer growth. It’s definitely coming back. Their confidence is back up. But this is not going to be a recovery that’s fueled by people going out and maxing out their credit cards again.”<\/p>\n

Instead, she said other smaller drivers would be critical. “It’s going to need to come from our exports. That’s why the president has been pushing his export initiative. It’s going to need to come from business investment, and that’s why measures like a zero capital gains for small businesses, or tax incentives for investment. I think those are the right policy to make sure we get a healthy kind of growth, going forward.”<\/p>\n

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On NBC’s “Meet the Press” on Sunday, host David Gregory initially appeared to be trying to make White House economic adviser Christina Romer the first senior administration official to mention Apple’s iPad publicly after its release Saturday. But he turned instead to a broader question about the economic recovery. Said Gregory, against video of people […]<\/p>\n","protected":false},"author":850,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-513818","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/513818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/850"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=513818"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/513818\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=513818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=513818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=513818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}