Tuesday, August 30, 2011

Obama CEA Pick Comes Wearing Bankster and Union Merit Badges

President Obama's pick to head the White House Council of Economic Advisers couldn't have been a pick more friendly to union leadership and banksters. As I have pointed out, Alan Kreuger is pro increases in minimum wage, which makes him a darling of union heads, since high minimum wages keep out low wage non-union competition. He is also is likely to be a major advocate of spending programs that will be routed through the banksters of Wall Street.

A Capitol Hill insider emailed me to make sure I saw this Ezra Klein take on Kreuger:
Alan Krueger, President Barack Obama's pick to head the White House Council of Economic Advisers, will likely serve as an administration advocate for more aggressive government intervention to revive job growth...Mr. Krueger, a Princeton University economics professor and former Obama administration official, has supported both tax cuts and spending programs to help stimulate growth in recent years, including incentives to encourage employers to hire jobless workers. He also backed Build America Bonds, a program that allowed states and localities to sell taxable municipal bonds and receive a federal subsidy. He served as assistant Treasury secretary for economic policy in the first two years of the Obama administration, where he helped design the 'cash for clunkers' program to boost auto purchases.
The insider then commented:
Signs are not encouraging...the Build America Bonds subsidy went to bond buyers and bond dealers. The bond issuers of them -- cities -- were the mules. One of his other credential is Cash for Clunkers? His biggest credential is an academic record? Ugh.

1 comment:

  1. No chance of unemployment improving before the presidential election, then.