Policy Market Blog

What are astrologers good for?

Martin Kennedy - Friday, October 13, 2017

They make macro forecasters look respectable.  

Kevin Hassett is Trump's Chairman of the Council of Economic Adviser's.  He'll be, by default if nothing else, leading the fight for the administration's tax cut / reform plan.

 “My job is to provide objective analysis to the president — and really to the public — about important economic policy issues,” Hassett said in an interview.

Sounds about right in theory, but consider some of the response he's gotten one month into the job.  

Former treasury secretary Lawrence Summers on Thursday called some of Hassett’s assertions about wage growth tied to corporate tax cuts “ludicrous.” And...

“I think it’s an absurdity,” Summers said on CNBC.

So, good luck with the objective analysis.  The chief economist's role is as much a sales job as anything else... and that's in a normal (conventional) administration.  Here's the Washington Post article...  

Hassett went to Swarthmore as an undergrad and got his PhD from UPenn.  He's been an academic economist and at the American Enterprise Institute.  

Larry Summers is at Harvard.  He's an interesting guy, from a long line of economists.  

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