David Brooks has a column in the NYT today praising Mitt “I’m Also Unemployed” Romney and his advisers. Brooks specifically mentions chief economic adviser R. Glenn Hubbard as part of “the gold standard of adviser teams.”
Really? Hubbard was Bush 43’s Chairman of the Council of Economic Advisers, a man who pushed the Bush tax cuts, not just the pre-9/11 ones, but the 2003 cuts, despite our having to pay for two wars. Hubbard was a huge fan of deregulation and derivatives. In other words, Hubbard is high on the list of those who deserve blame for the economic collapse.
I don’t want him anywhere near the White House again. Mr. Brooks, all that glitters is not gold.
On its face, President Obama’s choice of Alan Krueger, Princeton economics professor and labor specialist, to be the new Chairman of the Council of Economic Advisers looks promising for those of us who want the President to focus on job creation.
But Krueger’s views are similar to those of his predecessors in the job, Christina Romer and Austan Goolsbee, both of whom wanted to deal with high employment now and high annual deficits/national debt later. If Romer and Goolsbee weren’t effective, I don’t know why we should be hopeful about Krueger.
The Republicans have driven Obama off course and messed up both his head and his priorities, and I don’t know that one Princeton professor will be able to get him back on track.