Tuesday, March 9, 2010

Summers and Romer Should Return to Academe

To use the word "economist" in the same breath as the words "Obama Administration" is to justapose two concepts that are foreign to one another. The Obama Administration is the least economically literate administration in the past 100 years (and that is saying a lot). One could charitably argue that no one listens to Summers (the Presidents chief White House economic advisor) and Romer (the President's Chairwoman of the Council of Economic Advisors). But, when you hear Romer and Summers on TV being interviewed, the things they say are contradictory and, when in agreement, are patently absurd. So, maybe Obama is right not to listen to them. But, then, who does Obama listen to on economics? Michele?

Paul Volcker seems to be the only economist associated with this White House that, when he speaks, makes any sense whatsoever. The others just seem to spout political babble -- this includes Austin Goolsbee and Cass Sunstein (remember those guys?).

After a blithering array of proposals that seem to mainly batter an already weak economy, the Obama Administration is a collosal failure in combatting this recession. It may be time to send Summers, Romer, Goolsbee, Sunstein, etal back to academe and go back to the drawing boards.