To the editor:
With the announcement of his resignation on June 6, Austan Goolsbee joins a growing list of Obama's economic advisory team to retreat back to academia.
The list of former economic advisers includes Christina Romer, Larry Summers, Peter Orszag, Alan Krueger and Jared Bernstein to name a few.
Almost all had previously held positions teaching at some of the "best" colleges around the country. None has ever had to meet a payroll.
Some of these economic advisers are the same ones who publicly promised that with the passage of the near trillion dollar "Stimulus Bill" that the unemployment rate would never exceed 8 percent. The latest unemployment rate for the month of May was 9.1 percent, "a bump in the road" as it was called.
At this same time the national debt has risen by more than $5 trillion within the last 36 months, homeowners' equity is at the lowest levels since WWII, record numbers of Americans are drawing unemployment insurance and food stamps. Obamacare has not even taken effect yet and already the Secretary of Health and Human Services, Kathleen Sebelius, has granted more than 1,400 waivers to businesses and unions while threatening any business or individual who is publicly critical of this unpopular bill.
While this administration is in the process of "fundamentally changing" this country into a social welfare state in the model of western Europe, that continent's countries including Greece, Italy, Spain, Portugal and Ireland are on the verge of bankruptcy after their failed 50 year experiment with socialism.
Meanwhile these former national economic advisers head back to the colleges that they came from to teach the next generation ideological economic policy that looks great on a chalkboard.