Pouring gasoline on the fire
The resignation of President Obama’s current chair of economic advisers, Austan Goolsbee, signals the near total desertion of Mr. Obama’s original economic policy team. Gone already were economic advisers Larry Summers, Christina Romer and Jared Bernstein as well as budget director Peter Orszag.
Mr. Obama has pursued misguided and failed fiscal policies: cash-forclunkers, a tax credit for first-time homebuyers and a $830 billion “stimulus” package. None had a lasting impact on the economy, with the “stimulus” being largely a hodgepodge of payments to state and local governments.
Needed is a coherent and favorable economic policy, including deficit reduction and entitlement reform. Mr. Obama inherited an economic recession and has made it worse. Jim Hartman Berkeley, California