Blog on the Run: Reloaded

Thursday, June 9, 2011 8:51 pm

Oh, good. I was afraid for a moment there that we were screwed

Filed under: We're so screwed — Lex @ 8:51 pm
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Berkeley economist and blogger Brad DeLong on the recent departure of VP Joe Biden’s top economic advisor, Jared Bernstein, and now the departure of President Obama’s top economic advisor, Austan Goolsbee, just days after the crummy May job numbers were announced:

The scariest thing I have heard — well, not heard, but that was related to me — is that one of Obama’s most senior economic advisors is now saying that NEC [National Economic Council — the group that advises the president on economic policy — Lex] meetings are really peaceful now that there are no professional economists in the room. That strikes me as a very bad sign for policy rationality: given the central projections as of now and given the downside risks to the forecast, NEC members should be running around with their hair on fire.

Wonderful. We’re looking at the distinct possibility of a double-dip recession, unemployment went UP last month and one in six Americans has been un- or under-employed for almost three years now, but we got rid of those pesky economists so at least there’s comity around the table. I’d been afraid we were in real trouble.

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