Bob Cropf

TARP and Accountability

In 1 on February 18, 2009 at 6:49 PM

I came across a timely column in the NYT this evening that ties is closely with Okun. On page 60 & 61, Okun (1975) writes about the importance of the government making sure the public’s money is spent wisely even if it has to spend a great deal of additional money to do so “Because the government get its funds from taxpayers by mandatory, and not voluntary, decisions, there is no room for the principle of caveat emptor in the area of public services. The government must be accountable to the citizens, and accountability is as costly in resources as it is precious to the integrity of the political process. Bureaucratic red tape is neither an accident nor a reflection of bad rules or inept officials: it is the result of the obligation of political decision-makers to be cautious, to avoid capriciousness, to take account of the full range of interests and impacts of the course they adopt, and to guard against any misuse of taxpayers’ money,” (p. 60).

-KC

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