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Goolsbee, 5th WH Economic Advisor To Quit

From a heart-broken Reuters:

Top White House economist Goolsbee to step down

By Alister Bull And Caren Bohan Mon Jun 6, 2011

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

And so far there is not even any talk of there being naked photos of him somewhere. But then again, that wouldn’t cause him to step down, since he is a Democrat.

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. He will be back in Chicago in time for the start of the next school year.

How’s that saying go again: ‘those who can’t, teach’?

Goolsbee’s departure leaves Treasury Secretary Timothy Geithner as the sole remaining senior member of Obama’s original economic team, as the president is under pressure to persuade Americans that he has a plan to boost growth.

Well, we were told at the time of his rocky confirmation hearings that Mr. Geithner was indispensible. So that makes sense. But just think of how the entire burden of the US economy now rests on the shoulders of a man who could not even figure out how to use TurboTax.

Obama could be vulnerable on the economy as he fights for re-election next year and must convince voters his policies will succeed. Analysts say that recent disappointing data has called the vigor of the economic recovery into question.

Even Reuters is trying to warn Mr. Obama to believe his internal polling numbers. Things are that bad.

Goolsbee has been one of the administration’s more visible spokesmen on the economy. Lately he 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.

Actually, Mr. Goolsbee described May’s jobless numbers as "a bump in the road." Of course the man is supposed to be famous for his wit. Alas, now he is just a ‘bump in the road’ under Mr. Obama’s re-election campaign bus.

"He has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs," Obama said in a statement.

Except that is no real evidence that we are out of the economic crisis. In fact, as we have just noted, according to a Washington Post poll, 60% of the US don’t think the recovery has begun. And a lot of those people might vote.

Goolsbee, who advised Obama’s campaign for the Senate in 2004 and his 2008 presidential campaign, was seen as one of the administration’s best communicators and his sudden departure will clearly be a loss for the White House

Sadly, we never got to see any examples of Mr. Goolsbee’s vaunted communication skills. That is, apart from back in October, when he gave Rahm Emanuel a dead fish back as he was leaving the White House to go steal the elections in run for Mayor of Chicago, back in October.

(And, fittingly, even that fish was a foreign import, an Asian Carp.)

Republicans, who see voters’ worries over the economy as their best chance of defeating Obama next year, seized on the news.

Those partisan hacks! All the Republicans think about is gaining political advantage. They never put the country before party, like the selfless Democrats do.

"With anemic job growth, plunging economic confidence, and no real plan to rein in the deficit, this departure is just the latest sign that the president has no answers for Americans concerned about the economy," said Brendan Buck, spokesman for Republican House of Representatives Speaker John Boehner.

In addition to the gloomy May jobs report, other data including disappointing reports on housing and manufacturing have suggested the recovery was losing momentum.

Because up until the May reports, everyone thought the housing market and US manufacturing were going through the roof.

Republicans are also battling with Obama’s Democrats over curbing the country’s long-term deficit and have demanded deep spending cuts in return for agreeing to raise the $14.3 trillion debt limit before an August 2 deadline.

At the beginning of this year, Goolsbee warned that a failure by Congress to raise the nation’s borrowing limit could be "catastrophic" for the economy, a line the White House has repeated in the months since then as it negotiates with Republicans over legislation to lift the debt ceiling

Wow. We take it all back. He is a brilliant communicator.

Larry Summers, former director of the White House National Economic Council, stepped down at the end of last year to return to his teaching job at Harvard University.

Christina Romer, his predecessor as CEA chair, left last August, also to return to academia, and Peter Orszag resigned as White House budget director last July…

These are names that will be forever emblazoned in American history for their wonderful contributions to prolonging the ‘Great Recession.’

This article was posted by Steve on Tuesday, June 7th, 2011. Comments are currently closed.

7 Responses to “Goolsbee, 5th WH Economic Advisor To Quit”

  1. BigOil says:

    Which is worse – a bunch of economic illiterates from academia destroying our economy or polluting young minds at institutions of higher propaganda? Unfortunately, we have both.

  2. Petronius says:

    Another one bites the dust
    Another one bites the dust
    And another one gone and another one gone
    Another one bites the dust, hey!
    – Queen

    The regime is running out of economists to shill for them.

    Trouble is, Liberals have no replacement for the economic structure they have so enthusiastically helped to tear down. When Marxist doctrine confronts reality, reality must give way. But reality, like facts, is a stubborn thing.

    And so heads must roll.

    If only they could find a clear path to egalitarianism and collectivization that will also generate plenty for all mankind, instead of unemployment, homelessness, shortages, hunger, poverty, and death panels. A plan where every Liberal cliché can come true. In other words, a plan that doesn’t have to deal with reality.

    Will the next candidate please step forward?

    Next . . . ?

  3. Liberals Demise says:

    As the sun sets over the D.C. area, we see the now famous Obama Economist
    ride into the sunset after they’ve trashed / tanked the American system.
    What in the hell does Ghoulsbee teach, “Crashing Capitalism 101” ?
    OOpsy………University of Chicago……….Anti-American Grotto

  4. P. Aaron says:

    They report this story like it’s the economic equivalent of the Beatles breakup!

  5. nascarnation says:

    Being Baraq’s economic guru is like being coach of the Detroit Lions.
    But the turnover rate is much faster.

  6. Right of the People says:

    “Lately he has emphasized his view that the recovery remains solidly on track, ”

    Yeah, on track straight into the dumper! Double digit unemployment by the fall, bet on it.

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