What’s Dragging Our Economy Down? The Rapidly Shrinking Government, of Course!

When Austan Goolsbee former chairman of Obama’s Council of Economic Advisors aka “Mr. Recovery Summer,” left the administration last year, here’s how one blog reported his exit:

Austan Goolsbee, one of President Barack Obama’s longest serving policy advisers and the chairman of his Council of Economic Advisers, leaves his post pretty much as he inherited it: with the economy moribund, no clear path to vigor in sight and the unemployment rate stubbornly elevated.

And that was the Huffington Post! I guess I can understand why he didn’t want to stick around for another recovery summer.

Even though he has retreated to the safety and comfort of the University of Chicago, he’s still showing up for comic relief on the Sunday shows. I mentioned this stunning statement by Mr. Goolsbee on yesterday’s show, but I didn’t have time to play the bite. Here’s what he said about our limping economy yesterday.

GOOLSBEE: But the — the one thing I’d say is, the argument that it’s all about the growth of government, the numbers that came out on Friday showed that the private sector is growing almost 5 percent a year. It’s a huge boom. The thing that’s dragging down the economy is the government is shrinking so rapidly that it’s pulling the overall growth rate to 2.8 percent.

That’s right: we’re in a “huge boom,” but we just can’t see it because the government is shrinking so fast.

I guess that’s how it looks from the faculty lounge. Keep in mind that even though this poor deluded soul is back where he belongs, the economy is still in the hands of the guy who thought he knew almost all the answers. I say “almost” because, of course, only the One knows ALL the answer.


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