Austan Goolsbee, Obama’s Chief Economic Adviser, Resigns

Economist Austan Goolsbee announced that he was resigning as the chairman of President Barack Obama’s Council of Economic Advisers to return to his tenured teaching job at the University of Chicago.

Austan Goolsbee, chairman of the U.S. Council of Economic Advisors, is leaving the White House position to return to his professorship at the University of Chicago. Photo: Center for American Progress Action Fund/Flickr

Austan Goolsbee, chairman of Barack Obama’s Council of Economic Advisers (a three-member committee that provides advice to the president on domestic and international issues), reported that he was leaving his post to go back to the University of Chicago, where he has a tenured position as an economic professor.

Goolsbee served as Obama’s advisor since his election campaign. He was assigned to the position of the president’s Chief Economic Advisor 9 months ago and replaced Christina Romer, who had also resigned to continue her teaching career.

“Since I first ran for the U.S. Senate, Austan has been a close friend and one of my most trusted advisors,” Barack Obama said in his statement. Over the past several years, he has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs.”

Goolsbee is considered to be close to the president. He is expected to continue serving as an outside advisor to the government and to participate in Obama’s reelection campaign in 2012.

Austan Goolsbee was appointed to the position of the Chairman of the President’s Council of Economic Advisers in the time of the high unemployment rate, moribund economy and no adequate plan how to overcome the Great Recession.

He assisted in preparation of the $800 billion stimulus appending plan. Despite the fact that Goolsbee did a lot to help the country out of the crisis, there still exist the problems of high unemployment, housing prices which have dropped to the lowest level since 2002 and the budget deficit. The economists fear that the recovery of the economy is still way ahead.

Goolsbee has often favorably spoken about the administration’s attempts to recover the economy. He was also known as a good public speaker, having appeared on TV and explaining the administration’s policy on stabilizing the economic situation.

“While I am looking forward to returning home to Chicago, I will always be proud of the years I have spent working for this president. I believe that his judgment, his courage in confronting the worst economic crisis of our lifetimes, and his commitment to the American people have made a tremendous difference for the nation,” Goolsbee said in his statement.

He also said that he wanted to spend more time with his family in Chicago. It is also known that Goolsbee never bought a house in Washington, but kept the one in Chicago.

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