This is the second lead economic advisor in nine months to head back to the safe confines of academia — but that doesn’t mean it’s a trend.

From the Sun-Sentinel:

Austan Goolsbee is stepping down as chairman of President Obama’s Council of Economic Advisors, the White House announced Monday night, shaking up the economic team just as the recovery is sputtering.

Goolsbee, one of the administration’s primary spokesmen on the economy, will return to his position as an economics professor at the University of Chicago’s Booth School of Business, the announcement said.

The scary thing is that these people who couldn’t negotiate the economics of running a hot dog stand in the real world without ending up millions in debt and going out of business always head back to universities to teach future generations failed theories.

Goolsbee is a comedian — sometimes even intentionally — so his departure means that Biden will have to pull double duty until another comic is found.

The job listing is already posted:

Help wanted: Chief Economic Advisor for Obama Administration. Must have own white board and believe that insurmountable debt creates jobs in the long term. Ability put a positive spin on a disaster (i.e. the Hindenburg didn’t “explode” but was rather a “firefighter stimulus for Lakehurst”) is a must. Hayekians need not apply.

Andy at Ace of Spades has the obligatory “going back to work at the university” video.


10 Responses to “Obama’s Chief Economic Advisor Heading Back to College Where His Theories Work”

  1. Marshall_Will on June 7th, 2011 1:30 pm

    "so his departure means that Biden will have to pull double duty until another comic is found."

    Unreal. CNBC had the Dallas Fed Chair Richard Fisher on this AM and he was pretty clear The Fed has DONE just about all it CAN do and there are NO plans for a QE3!

    Basically said they won't be buying any more Treasuries to continue P'BO's bold new experiment! No doubt crafted by Dan Aykroyd. You should have seen all the PMS/CNBC regulars JAWS drop when he laid that on them! Except for Becky Quick, SHE knows the score!

    MM has all the skinny on Mr. Schoolsbee.

  2. cdl on June 7th, 2011 1:48 pm

    It's like the old saying.

    Those who can't do, teach.

  3. Dexter_Alarius on June 7th, 2011 2:16 pm

    Some advice to Obama if he REALLY wants to improve the economy:
    Hire Thomas Sowell for the job!!!

  4. backwoods on June 7th, 2011 6:13 pm

    Exactly. I'm almost finished reading his book Basic Economics. I learned more about economics in the first chapter than Obama has ever known. That book should be required reading for any elected official before they take office.

  5. Marshall_Will on June 7th, 2011 7:51 pm

    By default, mine has become a Study Of Bubbles, Manias ( and FRAUD! )

    I was a Contributor to,, as well as The Portland Housing Blog and confer occasionally William Black author of "The Best Way To Rob A Bank Is To OWN One!"

    ( I guess I just worked off the assumption any Chief Executive would have the whole Supply & Demand thing 'down' by the time they're elected? )

  6. Doug Powers on the Resignation of Obama Economic Advisor Austan Goolsbee « Mayrant&rave on June 7th, 2011 8:03 pm

    [...] of business always head back to universities to teach future generations failed theories.” -┬áDoug Powers – The Powers That Be – [...]

  7. SignPainterGuy on June 7th, 2011 8:08 pm

    DITTOS !

  8. SignPainterGuy on June 7th, 2011 8:11 pm

    I trust you learned the lessen of "ass-u-me" !

  9. dandapani on June 12th, 2011 4:28 pm

    In theory there is no difference between practice and theory. In practice, there is.

  10. imoforpcs on May 3rd, 2017 12:18 am

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