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.