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Obama Appoints New Economic Adviser

August 31, 2011 by  

Obama Appoints New Economic Adviser

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.

 

 

 

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • Keno

    Because that’s just what this country needs, is more Ivy League trained Economists…

    • NancyJ

      That is exactly what has been wrong all along. You don’t learn how to start and run a business in college. You just learn how to learn.

      We need people with practical experience.

    • JUKEBOX

      This guy looks like Paul Krugman’s illegitimate brother. Why do all of these guys have that “DEER IN THE HEADLIGHT” look about them? I wonder if it has something to do with being hypnotized by the liberal ideologies.

      • kentucky colonel

        very good, jukebox!!

    • Vic Bailey

      As long as we keep putting people in important positions that are educated above their capacity America WILL SUFFER. All the smarts in the world won’t fix what’s wrong, because they ALL think that you can spend your way out of the poor house. Common sense tells you to just QUIT SPENDING, NOT CUT SPENDING, QUIT SPENDING. What is hard about that is they think that it’s TOO SIMPLE to work? WHAT? 99% of our leaders are eat up with STUPID!! End half of the government worthless jobs and cut salaries (like we have had to do) and QUIT SPENDING, America will recover sooner than all these overeducated morons could ever imagine! The ONLY thing they haven’t tried WILL WORK! All the people out there call the STUPID Congress and Senate morons and tell them to get some common sense! Semper Fi.

  • anastasia beaverhouser

    I don’t trust ANYONE that is a trusted person of Obama’s—Obama is NOT a trusted person,,,unless you are tarusting him to spend us in to oblivion! The whole lot of his goonies and his ass—-ness need to be removed from office and sent back to the roots that he came from–whatever they are.

    • JUKEBOX

      We need to deport him and all of his illegal family members to his native Kenya. That way, they can live out their lives in a Marxist dream world.

  • http://aol.com sean murrey ILLInio

    Another wild eyed kook.

    • Bev

      He does look like some kind of serial killier. I think I would go back to the photographer for some new headshots.

    • KAB

      I think that picture belongs on the cover of Newsweek with the title “King of Financial Insanity”.

    • Vic Bailey

      Probably another peter puffer?

  • Jennie

    Yeah!! That’s just what we need . . . . more economic advisers!? No, what we really need is for the Prez and his advisers to step out of our way.

  • Jennie

    Hey, Sean. I was just thinking the man looked wild-eyed and scared. Maybe he’s wondering just what the H**L he’s gotten himself into.

    • Gerd

      His eyes are like that because he just found out he is writing the jobs and economic recovery plan for Obama’s speech next week. There is no one left from the Obama economic team except Tiny Tim Geitner and he can’t run Turbo Tax. Last year, Obama told us he would have a jobs and recovery speech after returning from his Martha’s Vinyard vacation. Deja Vu all over again. The family resemblance to his brother Freddy Krueger is also seen in his eyes.

  • http://upu Harry Dick

    This is just another one of his clonies and wants to put this nation in more debt.

  • http://upu Harry Dick

    Well, it seems we are in more trb with a chose of one of his clonies.

  • http://www.easyinvest.co.za peter

    Another one of the brightest and the best? Are’nt the Ivy Leaguers the guys who caused all the problems we have in the first place?
    With his track record we can certainly look forward to more nonsensical ideas coming out of Washington. Cash for clunkers…what a joke! If that had been my idea I would’nt tell anybody and I am no economist.Why do economists so often disagree? They have a poor memory and cannot remember their last lie.

    • JUKEBOX

      None of these people could run a kid’s lemonade stand without assistance from the EPA, USDA, and DHR.

  • s c

    PLD had a similar article recently, folks. If Krueger is another Bernanke or a Krugman, someone kindly get Krueger’s resignation form ready. People, Keynesian economics DO NOT WORK! How many times must you perverted children be reminded of that FACT?
    Obummer, in his twisted obsession to find yet more losers to ‘help him,’ has resorted to the same, tired, self-defeating CRAP that made things worse. Lest I forget, and this website’s regular harpies start their mantra, Obummer has made things WORSE. Keep you-know-who [GB] OUT of this discussion, you overpaid, under-worked, pathetic hacks.
    Score one for Obummer and congenital stupidity. Score zero for common sense and the economy and a better America.

    • JUKEBOX

      He could probably do better by appointing Mark Reich and Bernie Madoff as financial advisors. At least we know they are real crooks.

    • karel Eekels

      Yes, and how true S C.

      This is exactly what we need today as an economic advisor of the same ilk as this other illuminati from Princeton, Paul Krugman. What we now get is another propellerhead with mathematical equations, a Ph.D from Harvard with a doctorate in Keynesian economics to serve as Obama’s senior advisor. Wait and see what this man (who was instrumental in creating the cash for clunkers program) comes up with next?!

      Obama is oblivious to deficit spending and it should not surprise anybody that he picks and chooses his advisors that are “drunk” with John Maynard Keynes ideological philosophies, that never worked, and there are several reasons why liberal/socialistic thinking politicians in past administrations stick to and adhere to the Keynesian philosophy: to wit
      a) Keynesianism is used to justify some actions of the government and politicians can get away with and this
      without being held responsible for their actions;
      b) Congress has gotten away for too long with the idea that it can bribe the public with the public’s money,
      knowing that government cannot create wealth, but it can destroy and/or redistribute it;
      c) The current administration’s approach to our eminent crisis is to try to use monetary inflation as a tool.
      Here is John Maynard Keynes at work and if this man were still alive my question would be to ask him
      how a society can benefit long run from paying something for nothing? Can wealth be created by
      conjuring money out of thin air? Today, the total debt Mr. Keynes as a % of GDP exceeds 370% (source
      CBO), excluded unfunded Medicare, Medicaid and Social Security liabilities as well as unfunded state and local
      pension liabilities. What this tells us that these collective additional obligations are over 15 times annual GDP.
      The Federal Government’s deficit for 2010 was 10% of GDP, and the Congressional Budget Office(“CBO”) now
      estimates that total Federal debt could rise to 90% of GDP by the year 2020. This approach is criminally
      irresponsible. The arithmetic Keynesian supporters of the national debt problem should indicate that it is not
      likely to impossible for America to grow its way out of its deep structural problem.
      d) Not only in the US but in all overindebeted developed countries where decades of social engineering have
      expanded the role of government to unsustainable levels where distress levels is leading the people to be
      much more amenable to authority as the only hope of salvation from the present state of affairs. I hope
      Professor Alan Krueger and also your colleague Professor Paul Krugman that you studied the consequences
      during the German hyperinflation times of the early nineties where the than government and central bankers
      were ignorant of the connection between the extreme price inflation and their extreme money printing!
      “We the people” like to be spared from such a situation and also deserve better. With this said our comfort
      levels would be significantly increased by following the teachings of the former Austrian School of Economics,
      Milton Friedman’s Chicago School of Economics with noticeable prominent thinkers like Frederick A. Hayek,
      Frederic Bastiat, and a Jean Bodin, a sixteenth century economist and philosopher.

  • Keno

    Of course, we all know that the big problem with the economy is all these corporate jets flying around.

    • dhellew2

      Keno, you are sadly mistaken. While it is true that CEO’s often get paid too much it is the corporations that create the jobs and products that make the economy along with private sector businesses and workers.

      The economy is in the toilet because government spending has overwhelmed the ability of the private sector to pay for it.

      Seventy percent of the people in the US depend on government for their livelihood. Fifty percent are government employees and the other 20 percent are on welfare, etc.

      There are about 8200 so called super rich who’ net worth is $240 billion dollars. The interest on the national debt, at 5% without compounding, is $755 Billion. Do you now see the picture? All the wealth of the rich will not pay the interest on the debt.

      And just when you thought you had it figured out, what about the interest on the entitlement debt? Government owes about $85 trillion entitlement debt, borrowed from social security at 5% interest. The total interest owed, at 5% without compounding, is $5 trillion.

      Like the other crooks and cronies with their head up BO’s* butt they all have one thing in common, they are government employees whose pay is tax revenue therefore they do not and cannot pay taxes. YOU CANNOT PAY TAXES WITH TAXES.

      What do you think it means when they refer to UNFUNDED government entitlement? Why did FDR implement social security and government always say social security is not a retirement program? The name should give you a clue, yes, it was designed to fund FDR’s socialist programs. Built in to the plan was the provision for government to ‘borrow’ the money at 5% interest.

      Missing from the plan was the fact that government generates no income therefore has no way to pay back the principal or the interest.

      * and we all know what BO stands for right? Bad Odor?

  • Airangel

    Insanity has taken over! The definition of insanity is doing the same thing over and over expecting a different result! I just don’t get it, when they break the tax payer then what? Where will they get their money from to pay for our “bulging at the seams” Government?

    OB is so inexperienced in National security and economics! Please don’t vote in any more Ivy League Liberal law makers…they just think completely weird and don’t follow any common sense as if you could borrow $5,000 every month when you only bring in $3,000.00 so you’re always $2,000 behind and so to make that up you want to borrow $7,000 every month but you still only bring in $3,000….yeah, that stimulates until the money runs out, then you have even more debt, more interest and the same problem you started with…yep real smart folk, them Ive League! Bringing down America is starting to look very intentional to me and engineered by the elite Illuminati!

  • Elevenarrows

    Wouldn’t it be refreshing if Obama appointed one person who believes whole-heartedly in the Constitution? Just one person…that’s all I ask. The free market, if allowed to, will correct itself. It will also generate jobs based on the wonderfully simple concept of supply v. demand. This is one of the most basic concepts of economics. My kids can understand it. Perhaps they could go to Washington and explain it to “all the king’s men”. Unfortunately, I suspect that Obama and his advisors know their efforts will not be successful. It doesn’t take much research to see there is no precedent for them to succeed.That leaves the awful possibility that the current administration WANTS America to experience a complete financial upheaval…after all, let’s not forget good ol’ Rahm would want Obama to “capitalize” on it! This latest guy will just be another evil working for the demise of America as we know it.

  • Raggs

    Is everyone ready for tens of new regulations that will stiffle further our economy?.. Instead of oblama using congress as it was intended he is now usurping authority to pass regulations through the back door… I do not understand why impeachment procedures are not underway.

    • Carol

      Unfortunately the color of Barry Soetoro a/k/a Harrison J Bounel (042–68-4425) (Obama) the color of his skin in black and he uses that as a weapon and that is why there are no impeachment procedures going on anybody else it would have been done and would have been handcuffed and thrown into jail.

      • Gerd

        Also Jean Paul Ludwig seems to be another alias or name on one of his social security numbers.

      • JUKEBOX

        As George Jefferson used to say in the sitcom, “OBAMA IS A ZEBRA”.

  • Daniel

    Tell me that picture doesn’t show what a lunatic and puppet this guy truly is? Look at the eyes .

    • skippy

      LOL Daniel!!! I’m ‘skeered’ …and don’t even KNOW they guy!!! :)

    • Carol

      That is exactly the way I feel poor man he might be really nice but if I were him I would run as far away from this horrible man sooner than later.

  • Carol

    Anybody that has anything to do with Barry Soetoro a/k/a Harrison J Bounel (042-68-4425) (Obama) is tainted by him because he is liar and a cheat so anything that comes out of his mouth is lie.

  • bill

    I am disappointed that Mr.Obama/Soetoro or whatever name he is using today
    didn’t allow Mr.Krueger to at least say a few words during his installation.
    Could it be that Mr.Krueger is a deaf mute or was it that the big “ME” just couldn’t relinquish the microphone long enough,without the fear of being upstaged ? :) I think all the czars are forbidden to say a mumbling word or at least none I have heard. cheers

    • Raggs

      Well if it is of any consequence oblama czars are mindless drones that are not talented enough to speak while their strings are being pulled.

      • Song

        This guy certainly “looks” the part.

        • JUKEBOX

          Yeah, typical far left wing WHACKO.

  • Lino

    I read in another publication that Mr. Alan Krueger is an expert on
    “unemployment”. Really? Don’t we have enough unemployment already?
    Probably another one of the President’s stupid moves!

  • Downs1

    Some people never learn . . . or do they? This president has surrounded himself with fools and radicals. Chances are, Mr. Kreuger is another of the same.

    • jimmy harris

      no he thinks we are fools and idoiots,and we are for letting him stay in the white house and those of congress for not getting rid of him,I have a high school education,common sense to fix the economie,get rid of the epa,irs,and so on and stop giving away money that we do not have,then drill oil here,mine for coal and mine for natural gas,just think of the people back to work,with gas at one dallor a gallon,we would have more money to spend,and that would be more tax rev,instead of the select few and people that hate us getting rich

  • Jeryl

    Krueger believes in a value added tax. Despite what Obama said, look for a VAT in addition to our income taxes. Obama will state that he’s not going to raise income taxes and, even reduce them somewhat. Then, he’ll kick in a VAT on top of that. Of course, he’ll only go to that after the elections. For goodness sake, let’s vote that turkey out of office.

  • Robert Bradfield

    Hi, it is that South African again.

    We have a saying in a group of friends: “They who can do, those who can not teach”. Keynesian economics should not be practiced in a modern sophisticated economy. The only reason it seemed that it worked in the 1930′s was that there was a war on the way. Spending money on infrastructure that that was not needed, with money that was not available created the monstrosity of we can spend ourselves out of a recession. My problem with the person nominated by your President is that he is a teacher and a supporter of the Keynesian way of thinking. I would imagine that the right person to be such an adviser is someone with a good background in business and free market economics of the Austrian school of economic thought.

    Let us keep the teachers out of helping to make decisions and leave it to those who know what they do. I am an economist that have had some experience in establishing a small business and mentoring especially black youngsters to establish themselves as entrepreneurs, and that has changed my mind about theory and practice.

  • swampfox

    Watch out for this guy he loves the idea of a VAT tax.

  • Janice Fortin

    Wot is wrong with his eyes or is he crocked? Does Krueger come from
    CHICAGO too?

    • Raggs

      His first name should be Freddie….

  • AJ

    Looking into this guys eyes what do you see? Nothing. Kinda makes you wonder if he was an expermental test tube baby they (NWO) were playing with 30 or fourty years ago.

  • Gerd

    All of the low income folks that buy used cars (that would be me) should be aware that this is the genius that came up with Cash For Clunkers that had the government DESTROY working vehicles that you would likely buy for your kids or yourself, thereby driving up the price of the remaining used car inventory by 20%. Same for used parts. So if you think the democrat party is on the side of the little guy, try thinking that through again and maybe you won’t always be low income if you can get that done.

    • JUKEBOX

      A lot of people do not realize how difficult it is to find used parts since this clown’s CASH FOR CLUNKERS program. Most salvage yards in my area are crushing anything that is more than six years old, regardless of how much salvageable parts are left.

  • T.L.

    Another C$#&sucking Ivy League Smart Aleck who don’t know how to keep his fingers out of the light socket. Just look at that picture. I would not want that “thing” saving me, much less the economy of the United States of America. Tell Obama to get a life or get out of the same headlight this homo-deer is standing in front of.

    • Raggs

      Well now that takes all of the fun out of it if oblama cant use a white man to do his dirty work… It would only make sence to have a homo white guy fluffing ( puffing )the pilars ( pillows ) of the USA via a radical muslim..

  • chuckb

    just the fact he was responsible for “cash for clunkers” is enough to fire him before he gets started. barry is like the drowning man grasping for straws. the thing that’s really scary is the fact there are still 30 some percent of the people supporting this jack ass and if any little rise in the economy came along then another twenty percent would probably jump on his band wagon. ignorance loves company.

    • Raggs

      Correct you are!!!

      I was stoned because I said oblama loves the crisis of the recent hurricane… It was a failure to the idiot but he grasped points from his base line morons… He is now looking for the next big event, maybe his pastor the Rev. wrong will miracle his ass a catastrophe.. His war on the working class Americans will come to a stop one way or the other.

  • My America

    I agree with the vast of these comments. This guy is no better than anyother brainwashed shmuck. Keynsian economics is the “WHY” of how the world’s economies are crashing. And he will be returning to “University of Chicago” to teach. I think I now know where that communist feild trip ended. I will contact my state representatives and simply remind them that those who can (will) do, those who can’t (will) teach. But the good news is he understands how difficult hard descisions are made. I guess he will blame someone else too. Good night and good luck.

  • The Australian

    This shows where Obama stands when it comes to the american people. Looks like he is hell bent on throwing America into the worst depression history has ever seen. All planned of course, because how on earth could someone with his education credentials have such little common sense and simple logical thinking?

    Our disgrace of a prime minister here in Australia (that read headed witch) followed policies like “cash for clunkers” which of course was a total failure just like any other Keynesian thinking and has with the help of Kevin Rudd racked up 200 billion in debt from en economy that was in surplus before 2007.

    If only more people would wake up to how our so called “leaders” are destroying our future and freedoms and elect someone with integrity and principle like Ron Paul who actually makes SENSE.

    /end rant

  • Ladd Prier

    I used to think BO was a communist intent upon subverting America. I now think he is a radical subversive intent upon destroying America. He’ll have squirrled enough money already to equip a fort in Chicago with a golf course and spend the rest of his days putting and chuckling as the rest of us cope with a crippled and crumbling country.

  • cep

    God Bless America!!!!!

  • Lipstick

    It looks like they are trying real hard not to laugh. Laugh at us dummies for allowing this to happen to our nation. We will see how funny things are to them after we clean house in 2012.

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