Obama to Tap Krueger as Top Economist

[NJMaverick]

This guy has a very impressive set of credentials and should be a real help.

Quote:Mr. Krueger, 50 years old, returned to Princeton a year ago after serving as assistant Treasury secretary for economic policy during the first two years of the Obama administration—which means he has recently cleared the sometimes treacherous Senate confirmation process.

He would succeed Austan Goolsbee, who left earlier this month to reclaim his teaching post at the University of Chicago.

Mr. Krueger has been on Princeton's faculty since 1987, the year he earned his Ph.D. in economics from Harvard University. He did a stint as chief economist at the Labor Department during the Clinton administration.

The work he has done in academia ranges from attempts to explain why job growth wasn't stronger during the 2000s, to findings that increases in the minimum wage don't depress employment, to a work showing that terrorists often come from middle-class—and often college-educated—backgrounds.

While at Treasury, Mr. Krueger worked on analyses of a variety of programs, including tax incentives to encourage employers to hire the employed, the "cash for clunkers" initiative to jump-start auto purchases and Build America taxable municipal bonds.

http://online.wsj.com/article/SB10001424...08180.html

[jaxx]

He does sound good. Thanks for the info, I didn't know about him. Only that he certainly has his work cut out for him!

[jaxx]

PBO is introducing Alan Krueger right this minute on tv. Saying good things.....like make decisions on what is best for the country, not the party. Talking about ideas to grow the economy....again everyone should get behind the ideas.

[Eponine]

I suppose that some will criticize this excellent appointment as “another bankster from Wall Street” — the truth spun to suit anti-Obama fervor among the PL — but I always thought that Princeton is a university in New Jersey.

[Willinois]

(08-29-2011 10:22 AM)Eponine Wrote:  I suppose that some will criticize this excellent appointment as “another bankster from Wall Street” — the truth spun to suit anti-Obama fervor among the PL — but I always thought that Princeton is a university in New Jersey.

At some point he surely said or did something less than Marxist so you can be sure there will be wailing and gnashing of teeth.

[RoyGBiv]

The most impressive thing I know about him off the top of my head is that he's one of the economists who has done actual, empirical analysis of the effects of stimulus in reducing private investment. His conclusions fit with what most center-left to left leaning economists conclude. It happens, but the negative is offset by the positive.

They key will be to what extent Obama listens to him or, more to the point, to what extent Geithner disagrees with him. Obama *had* an excellent economic team, and the best of them quit/gave up bashing their heads against the Great Wall of Treasury. (I'm speculating there on the bit about reasons for quitting. It's simply notable that those advocating more aggressive steps on the economy were the ones that left while those who thought everything was fine stayed.)

[NJMaverick]

(08-29-2011 10:35 AM)RoyGBiv Wrote:  The most impressive thing I know about him off the top of my head is that he's one of the economists who has done actual, empirical analysis of the effects of stimulus in reducing private investment. His conclusions fit with what most center-left to left leaning economists conclude. It happens, but the negative is offset by the positive.

They key will be to what extent Obama listens to him or, more to the point, to what extent Geithner disagrees with him. Obama *had* an excellent economic team, and the best of them quit/gave up bashing their heads against the Great Wall of Treasury. (I'm speculating there on the bit about reasons for quitting. It's simply notable that those advocating more aggressive steps on the economy were the ones that left while those who thought everything was fine stayed.)

I read in one of the articles that this economic council has been around since the end of WW2. Its power rises and wanes and most people serving generally serve for about 2 years. I am guessing that is because the people selected are already well established and don't want to take too much time away from the primary avocation

[RoyGBiv]

(08-29-2011 10:44 AM)NJMaverick Wrote:  I read in one of the articles that this economic council has been around since the end of WW2. Its power rises and wanes and most people serving generally serve for about 2 years. I am guessing that is because the people selected are already well established and don't want to take too much time away from the primary avocation

This is true as far as it goes. It describes Larry Summers' exit fairly explicitly. Of course he was also the most conservative among the faction that wanted more done.

All the ex-officials are being good ex-officials and not airing dirty laundry in public while Obama is in office, but all you have to do to figure out there were conflicts that at least helped lead to premature exits for two of the main economic advisors (along with Summers to a lesser extent) is to look at how the factions lined up while they were still there and read what they've written in their professional settings since leaving. They don't address Obama specifically. More often they talk about Geithner and Bernanke, and they are unanimous in saying the pair of them underestimated the depth of the problem (as they all did to one degree or another) upon entering office, that the measures they took (measures they could take without the assent of Congress) were not enough, and that "certain people" within the administration were refusing to admit the mistake and attempt to correct. "Certain people" means Geithner, Bernanke, and at least one advisor whose name escapes me at the moment.

Plus, some of their colleagues in their professional settings are more detailed in their criticisms, the depth of the detail coming after the ex-advisors came to work with them. These would not be the first ex-advisors to criticize the current administration by proxy so as avoid giving the opposition a tailor made talking point.

[sandnsea]

A piece he wrote on unemployment.

http://www.bloomberg.com/news/2011-03-31...ueger.html

[Cha]

President Obama speaks as he nominates Alan Krueger to be the next chairman of the White House Council of Economic Advisers, August 29

Vid at the link..
http://theobamadiary.com/2011/08/29/chat-away/

[nofurylike]

thank you for posting this, and for all the added information in this thread, NJMaverick.

thank you, all, for excellent information.

great pics, too!!

[Peadar O Suileabhain]

He's not Paul Krugman or Elizabeth Warren, so he must suck.

[RoyGBiv]

(08-30-2011 08:59 AM)Peadar O Suileabhain Wrote:  He's not Paul Krugman or Elizabeth Warren, so he must suck.

I would genuinely like one of them to make that argument in my presence.

While catching up on my blog and news reading today, I read Krugman's blog. Seems he is very supportive of Krueger.

So, if the person they say should have the job says the person who does have the job should have the job and that he wouldn't take the job even if it was offered, which it won't be, what's a screaming nitwit to do?