Tuesday, June 07, 2011

Austan Goolsbee- Exit Stage Right

It seems that the last of the economics gang that couldn't shoot straight has announced his imminent departure. The administration's chief economics advisor, Austan Goolsbee, fell on his proverbial sword for Friday's poor BLS numbers, the latest in a string of anemic monthly employment reports, and announced his resignation, effective this summer, as head of the Council of Economic Advisors.

It's quite a list of luminaries who've been tarnished by association with this administration's failed economic policies- Larry Summers, Christina Romer, and now Goolsbee. I guess you could also add Jared Bernstein, also recently departed, who had been attached to the hapless Joe Biden.

Goolsbee is returning to the University of Chicago to resume teaching, although it's difficult for me to imagine what credibility he would now retain after speaking so forcefully for so many years on behalf of economic policies which aggravated the consequences of the financial crisis of 2007-08. One would think the same of Romer, whose prior economic research actually contradicted policies she espoused while in the administration.

Perhaps this late in the president's term, we'll get lucky and nobody will fill Goolsbee's post, thus reducing the potential for more economic harm through 2012.

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