Obama Names Goolsbee New Head of Council of Economic Advisers

Obama Names Goolsbee New Head of Council of Economic Advisers

Obama Names Goolsbee New Head of Council of Economic Advisers

President Barak Obama has announced that Austan Goolsbee will take over as the leader of the Council of Economic Advisers.  The move has been anticipated for some time.  The President called Goolsbee “one of the finest economists in the country” when making the announcement.

Goolsbee will replace Christina Romer, who is stepping away from the post to return to teaching at the University of California at Berkeley.  Goolsbee was already a sitting member of the council and therefore does not have to be approved by a Senate vote to assume his new role in the council.

Goolsbee will team with Lawrence Summers, Timothy Geithner, and Jacob Lew as the team looks for new ways to create jobs in an economy with a 9.6% unemployment rate.  Lew is expected to be the fourth member of the team, but must be approved by a Senate vote later this month.

Goolsbee has clashed heads with some members of the council in the past.  In particular, he and Summers clashed when the administration was overhauling the automobile industry last year.  Goolsbee has also been one of the few members of the administration who has warned of the perils of a second economic downturn.  While he says he does not believe that will happen, Goolsbee also points out that it would be foolish not to keep an eye on the possibility, a possibility that few have wanted to discuss previously.

While Goolsbee does have his critics, even many of them have come out and said that he is a good candidate for the position, with many showing surprise that it had taken this long for him to be appointed to the role.


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