Obama Losing His Top Economic Adviser

By Phillip Bunnell

The White House announced on Monday that Austan Goolsbee, Chairman of President Obama’s Council of Economic Advisers, will step down at the end of the summer.

Goolsbee has been on the job for less than a year after replacing former CEA Chief Chrstina Romer. Like Romer, Goolsbee will be returning to academia, as a professor at the University of Chicago. Goolsbee will begin at the start of the next school year in late August.

Goolsbee’s departure represents a trend among Obama’s economic team. Romer, former National Economic Council Director Larry Summers and former OMD Director Peter Orszag have all stepped down in the past year.