Every president and presidential candidate has an economic advisor, but how influenced are these positions by politics?
These advisors deal with important questions and projections including how to move the U.S. economy for the long term, and how to avid a crisis. On this Tuesday’s Central Standard, we’ll hear what the appointed presidential economic advisors of the past several decades have in common, and what this means as we approach another presidential election.
Presidential nominees of either U.S. party can secure economic advice from any economist in the world. This makes it all the more amazing and sad that they choose economists with track records of disastrous policy advice. Bill Clinton chose Robert Rubin, George W. Bush chose Gregory Mankiw, Obama chose Lawrence Summers, and Mitt Romney chose Mankiw. Rubin and Summers led the Clinton administration’s efforts to gut financial regulation. Mankiw led the efforts under Bush. Collectively, these efforts created the criminogenic environment that produced endemic financial fraud (“green slime”).