At his confirmation hearing before the Senate Banking Committee Thursday, President Obama’s nominee to head his Council of Economic Advisers Alan Krueger said “proper medicine” would help expedite the rate of economic recovery.
“While time may heal many of the wounds in the economy, applying the proper medicine will help those wounds heal more quickly,” Krueger said during his opening remarks to the committee.
Krueger, a former economist for the Labor Department and Assistant Secretary of the Treasury, used his experience and economic background as a foundation for his ability to provide President Obama with a wide array of potential remedies to the nation’s fiscal woes.
“I am convinced that we can meet the serious challenges we face with the right mix of economic policies and faith in American workers and business to adapt to change and emerge a stronger country,” Krueger said.
The former Princeton professor lauded the American Jobs Act, most notably the provision that would eliminate the payroll tax for small businesses saying, “it is a measure which will have a lot of bang for the buck in terms of job creation.”
If confirmed Krueger would be the third chairman the council has seen since Obama took office. Treasury Secretary Tim Geithner is the only member of the President’s original economic team that continues to work in the administration.