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Obama to Nominate Replacement for Outgoing Chief Economic Advisor

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By Doug Powers  •  August 29, 2011 11:57 AM

**Written by Doug Powers

Would it surprise you to learn that, as a replacement for outgoing economic jokester (and he also dabbles in stand-up comedy) Austan Goolsbee, President Obama plans to nominate a more conservative supply-side economist? Of course it would surprise you… but that’s not what’s going to happen. Instead, the “clunkers for clunkers” economic advisor replacement program continues at the White House.

It’s like the old saying goes: “If a whole bunch of Keynesian academics have done nothing but worsen the problem, try another one”:

President Barack Obama on Monday plans to nominate Princeton University’s Alan Krueger to be chairman of the White House Council of Economic Advisers, a White House official said.

If confirmed by the Senate, Mr. Krueger, a labor economist, is likely to provide a voice inside the administration for more-aggressive government action to bring down unemployment and, particularly, to address long-term joblessness.

It’s about time they got somebody in there who wants more stimulus!

Krueger had a stint at the Treasury Department during the first two years of the Obama administration, but went back to the university to retain tenure:

During his time at the Treasury, Krueger specialized in unemployment reduction but worked on a variety of projects, including the Build America Bonds included in the American Recovery and Reinvestment Act and the Car Allowance Rebate System, also known as the “Cash for Clunkers” program.

I predict the next stimulus project will be to rebuild America as a giant classroom chalkboard so White House economists can finally make all their theories work.

Check out this Fox News story about Krueger’s likely nomination — a typo or honest reporting?

A senior administration official told Fox News on Monday that Krueger’s job will be to provide policy prescriptions on ways to spur unemployment. He will need Senate confirmation for the position.

The White House says unemployment is a great job creator, so maybe it’s not a mistake.

Update: Three minutes, two teleprompters.

(h/t Jammie Wearing Fool)

**Written by Doug Powers

Twitter @ThePowersThatBe

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