As the economy remains stagnant under the watch of President Barack Obama, one of the President’s top economic advisers has decided to retreat into academia.
Austan Goolsbee stepped down as the Chairman of the President’s Council of Economic Advisers after spending less than a year in the position, reports The Associated Press. He will reportedly return to his teaching role at the University of Chicago Graduate School of Business.
“Since I first ran for the U.S. Senate, Austan has been a close friend and one of my most trusted advisers,” Obama said in a statement.
Fox News reports that Goolsbee’s departure could indicate that Obama is ready to try another approach to solving the country’s economic woes, as citizens grow angry at rising gas prices and little job growth.
According to the Labor Department, the unemployment rate increased to 9.1 percent in May.
“Our economy is not creating enough jobs, and Democrats’ binge of taxing, spending, borrowing and over-regulating is a big part of the reason why,” House Speaker John Boehner (R-Ohio) said.