Last January I lamented in a posting about the University of Chicago having Obama's chair of the council of economic advisors on its faculty. While I am certain that Austan Goolsbee has a sterling record of economic academic achievement to be a full professor at Chicago, he is also a liar. He has uttered a constant stream of pronouncements about the economy that not even the most ardent cheerleader believes. When the current rate of job creation was announced along with anemic economic growth, he actually said that we were on target. He along with Treasury secretary Geithner were spreading doom and gloom about not raising the debt ceiling - causing the effects "catastrophic". As I have pointed out before, no one believes that. The US takes in enough "revenues" to service the debt, pay entitlements and some other bills. Politicians consider it a catastrophe if they cannot spend ever increasing amounts of taxpayers monies. Since the debt ceiling is the only real hard stop to this government's profligateness, then it may be our only realistic solution to government spending excesses. While his predecessor Christie Romer (see my posting "Poor Christie Romer") actually had a pained look on her face when she uttered lies for the administration, Goolsbee actually looked like he believed the nonsense that came from his lips. I simply amazes me that he could do all this in good conscience. Now he returns back to the university where he can also make up stuff when he lectures to students. Hopefully they are smart enough to discount whatever he is opining.
Harold A. Black is professor emeritus in the Department of Finance, University of Tennessee, Knoxville having retired after 24 years of service. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank, on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust and as director and later chairman of the Nashville Branch of the Federal Reserve Bank of Atlanta. He writes an occasional article for the Knoxville News-Sentinel at http://www.knoxnews.com/staff/dr-harold-black/. His web page is haroldablackphd.com