Austan Goolsbee

Goolsbee To Replace Romer As White House Economics Adviser (VIDEO)

Brian Beutler | September 10, 2010, 10:04AM

Austan Goolsbee, Chief Economist on the Economic Recovery Advisory Board

Last night, the White House leaked the news that economic adviser Austan Goolsbee will succeed Christina Romer as chair of the Council of Economic Advisers. In an administration whose economic policy is so dominated by Larry Summers, Goolsbee's most important role will likely be to present -- and perhaps spin -- those policies to the public. Goolsbee has a wry sense of humor in public and a taste for the jugular, which sets him apart from Romer, who had a light touch and delivered even the worst news with a chirpy smile.

Goolsbee previously served as Staff Director and Chief Economist of the President's Recovery Advisory Board. He's advocated for letting the Bush tax cuts for the rich expire, and, as a close ally of Paul Volcker, for tougher regulations on financial institutions.

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Christina Romer

Romer: Current Economic Situation Is 'Unacceptable By Any Metric'

Brian Beutler | September 2, 2010, 10:14AM

Council of Economic Advisors Chair Christina Romer

The outgoing chair of President Obama's Council of Economic Advisers acknowledged yesterday that the Democrats' recovery efforts have been insufficient, and that part of the reason was that the administration underestimated the severity of the economic recession.

"[C]ompared with the problems we face, the turnaround has been insufficient," said Christina Romer at the National Press Club in a farewell address of sorts. "Though the unemployment rate has come down six-tenths of a percentage point, it is still nine-and-a-half percent -- an unacceptable level by any metric."

"[W]e, like virtually every other forecaster, failed to anticipate just how violent the recession would be in the absence of policy, and the degree to which the usual relationship between GDP and unemployment would break down," she added.

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