The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Top White House Economist Goolsbee Steps Down

Posted by iusbvision on June 6, 2011

CNBC:

Top White House economist Austan Goolsbee said on Monday he was stepping down, marking the exit of one of President Barack Obama’s closest aides at a time when new signs of weakness have emerged in the U.S. economy.

Less than a year after he was named chairman of the White House Council of Economic Advisers, Goolsbee plans to return to his teaching job at the University of Chicago, the Obama administration said in a statement.

Goolsbee’s departure leaves Treasury Secretary Timothy Geithner as the sole remaining senior member of the original economic team.

Goolsbee and Obama got to know each other at the University of Chicago, where the president had been a lecturer in constitutional law. Goolsbee advised Obama’s campaign for the U.S. Senate in 2004 and his 2008 presidential campaign.

Goolsbee has been one of the administration’s more visible spokesmen on the economy and lately has emphasized his view that the recovery remains solidly on track, despite a report on Friday showing tepid jobs growth and a rise in the unemployment rate in May to 9.1 percent from 9 percent in April.

Former Reagan National Security Staffer Bob Schneider Comments:

Top White House Economist steps down from his post, and pledges to take a course in economics one day. “It’s on my bucket list”, Austen Goolesbee announced: “Along with a name change. People laugh and me and I don’t like it”

Schneider’s humorous comments really do set the proper tone for Goolsbee. This man has been a joke. I wish there was a more civil way to express this truth, but his manipulations in defense of this economic policy have been simply outrageous and fantastic (in a bad way).

Bob Schneider hit this one out of the park. As a student of economics myself, it makes me ill when SO MANY economists simply end up being political prostitutes, because bad economic policy can cause suffering to many millions of people. This is not a game and Goolsbee treated it like one. Good riddens (urban dictionary spelling).

Related:

Watch New White House Economic Chair Try to Spin Chris Wallace on “Recovery Summer”

Video: Obama Economic Advisor vs Bush’s

Economic News Roundup II – Breaking: Obama Reverses on Outsourcing!

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