Obama Names New Top Economic Advisor

BY ZACH TOOMBS



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One week before his new jobs plan is set to be released, President Obama nominated a new chief economic adviser Monday, selecting Princeton labor economist Alan Krueger.



In a news conference, Mr. Obama said now is the time for non-partisan solutions, something he hopes Krueger will provide as chairman for the Council of Economic Advisors.



“We need folks in Washington to make decisions based on what’s best for the country, not what’s best for any political party or special interest. That’s how we’ll get through this period of economic uncertainty, and that’s the only way we’ll be able to do what’s necessary to grow the economy.”



Krueger, who served for the Clinton administration and then as Obama’s assistant secretary of the Treasury, replaces Austan Goolsbee as the president’s chief economist. Krueger is Obama’s third chairman for his Council of Economic Advisors.



Politico reports that Krueger’s selection sends a message about Obama’s economic focus.



“The nomination sets the tone for the administration’s jobs-focused fall, as the White House prepares to announce a major new jobs initiative after Labor Day. There are few prominent labor economists, and the president’s decision to pick one underscores the administration’s aims.”



The National Journal reported nothing but praise for the president’s pick Monday, saying:



Economists love Alan Krueger... the Princeton labor economist was basking in praise from liberal and conservative counterparts alike, who called him “super smart”, rigorous, data-driven, policy experienced, and, in the words of the University of Pennsylvania’s Justin Wolfers, “a terrific guy.”



On MSNBC, Alice Rivlin, the former vice chairwoman for the Federal Reserve, calls Krueger the best man for the job.



“Oh, Alan Krueger’s terrific. I worked with him in the Clinton administration and he has a very good reputation among economists. He’s not flashy but he’s very, very competent... I can’t think of a better choice at this moment.”



But Wall Street Journal columnist Simon Constable questions Obama’s decision to go with yet another economist whose background is in academia rather than the private sector.



He shared his thoughts with FOX News.



“Look, we’ve got lots of academics on the Council of Academic Advisers, and putting another academic on there is no change to usual. And if you want no change to usual, that’s fine, but I want, and I think most people in this country want a change to what’s going on in this country in the economy. They want change. Change for the better.”



With Obama’s selection of a new economic adviser coming one week before he unveils his new job plan, pundits are pondering whether Krueger will have a hand in crafting that new strategy.



CNBC weighs in.



“Well, presumably, Krueger is already up to speed on what they’re doing. He’s here at the White House today. If he wasn’t here over the weekend, hunkering down under Hurricane Irene, I’m sure he’s getting a briefing right now on what they’re planning to roll out next week. But as someone who’s been in the administration before, he’ll have a little bit of an advantage going into this because he knows the president, knows the way the president thinks about these kinds of issues.”



Despite the looming jobs plan announcement, the Senate will have to confirm Krueger before he officially takes his post.



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