Wednesday, September 22, 2010

Will the rats leaving the sinking ship rediscover their integrity?

The President's economic team keeps getting smaller. Now Larry Summers is leaving. This adds to the departures of Peter Orzsag and Christine Romer. Perhaps Summers can go back to to advocating the concepts they used to believe in before going to work for Obama. Remember when Orzsag was the head of the CBO and talked about cutting spending and dealing with entitlements? And Romer's research before she came to the White House had power of tax cuts in stimulating the economy and that, as Gregory Mankiw summarizes, "a dollar of tax cuts raises the G.D.P. by about $3." And then there was Larry Summers arguing that any stimulus had to be" timely, targeted, and temporary."

Now that they've been released from their time at the White House, perhaps they can rediscover their integrity.

NOw it's getting lonely among the economic team at the White House. All we have left is tax scofflaw, Tim Geithner.