Timothy F. Geithner, secretary of the U.S. Department of the Treasury, discusses economic growth, financial repair and reform, and the fiscal policies that challenge the U.S. economic recovery.
Daniel L. Doctoroff
Daniel L. Doctoroff is president and CEO of Bloomberg L.P. Since 2008, he has guided the company through the financial crisis by enhancing Bloomberg's core product, the Terminal, while investing in new businesses and acquisitions, including Businessweek and the Bureau of National Affairs.
Prior to Bloomberg, Doctoroff served as New York City's Deputy Mayor for Economic Development and Rebuilding. From 2002 to 2008, he spearheaded a five-borough economic development strategy that included the nation's largest-ever affordable housing program, the rebuilding of Lower Manhattan, the creation of parks and other development throughout the city, and PlaNYC, a 127-point plan designed to create the first environmentally sustainable 21st century city.
Timothy Franz Geithner is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
Measures employed by governments to stabilize the economy, specifically by adjusting the levels and allocations of taxes and government expenditures. When the economy is sluggish, the government may cut taxes, leaving taxpayers with extra cash to spend and thereby increasing levels of consumption. An increase in public-works spending may likewise pump cash into the economy, having an expansionary effect. Conversely, a decrease in government spending or an increase in taxes tends to cause the economy to contract. Fiscal policy is often used in tandem with monetary policy. Until the 1930s, fiscal policy aimed at maintaining a balanced budget; since then it has been used countercyclically, as recommended by John Maynard Keynes, to offset the cycle of expansion and contraction in the economy. Fiscal policy is more effective at stimulating a flagging economy than at cooling an inflationary one, partly because spending cuts and tax increases are unpopular and partly because of the work of economic stabilizers. See alsobusiness cycle.