As the U.S. economy continues to be burdened by high numbers of unemployed, a public debt that has surpassed gross domestic product and economic policy that is dangerously close to causing an inflation crisis, President Barrack Obama has appointed a new economic adviser. Alan B. Krueger, an Ivy League-educated economist, will lead Obama’s Council of Economic Advisers (CEA) if he is confirmed by the Senate.
“I am pleased to nominate Alan Krueger to lead the Council of Economic Advisers. As one of this country’s leading economists, Alan has been a key voice on a vast array of economic issues for more than two decades,” said Obama in a press release. “Alan understands the difficult challenges our country faces, and I have confidence that he will help us meet those challenges as one of the leaders on my economic team.”
The Wall Street Journal reports that Krueger has supported Keynesian policy like massive government spending projects to stimulate economic growth and economic gambles at taxpayer expense.
“What you’re likely to see is, he does believe the federal government can do more to help in this economy,” Cecilia Rouse, a Princeton University economist and former CEA member, said of Krueger. “He will be a voice for more investments.”
Krueger replaces Austan Goolsbee, who announced his resignation in June to return to teaching at the University of Chicago. He will be the third CEA chair of the Obama Administration, after Christina Romer, who returned to academia in 2010, and Goolsbee.
Krueger served as Assistant Secretary for Economic Policy and Chief Economist at the U.S. Department of the Treasury during Obama’s first two years and as Chief Economist at the U.S. Department of Labor under former President Bill Clinton.
According to reports, Krueger has been involved in many if the government’s ploys to reinvigorate the economy at the expense of already debt-ridden taxpayers. Some of the programs he helped to plan included: “cash for clunkers,” a program that reconciled mortgage loans for certain qualifying homeowners facing default and hiring incentives that have created little job growth.