Krueger, top Obama economic adviser, to leave post

[Tx4obama]

Source: AP

WASHINGTON (AP) -- One of President Barack Obama's top economic advisers is leaving the administration.

Alan Krueger is the chairman of the White House Council of Economic Advisers. The White House said Tuesday he's returning to Princeton University to resume his previous position teaching economics and public affairs.

A prominent labor economist, Krueger was previously the assistant secretary for economic policy at the Treasury Department. He's been at the White House since 2011, advising Obama during a period when the economy has slowly but surely gained strength.

Obama said Krueger has devoted his career to making sure the economy works for everyone. The president attributed economic improvements in no small part to Krueger's efforts.

Read more: http://hosted.ap.org/dynamic/stories/U/US_WHITE_HOUSE_ECONOMIC_ADVISER?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-05-28-18-38-50

[TrollBuster9090]

1. Krueger out, KRUGMAN IN!

Well, a guy can dream, can't he?


Paul Krugman: aka The Wise Badger. (Not exactly as shown)

[MrSlayer]

3. [phone]

[Doctor_J]

6. Yep. He'll be the one the president calls

if all the Wall Street insiders turn him down.

[TrollBuster9090]

9. Damn...sorry. I think that British newspaper referred to Krugman as being like

a wise HEDGEHOG, not a wise badger.

By golly, there IS a resemblance.

[Left Coast2020]

2. My thoughts exactly.

..And his name also has similar sounding name, he also teaches at Princeton, and has a Nobel to boot. Send the WH a Rec to interview Dr. Krugman via overnight mail.

[happyslug]

4. Alan Krueger's 1993 paper on Minimum wage

Contrary to the central prediction of the textbook model of the minimum wage, but consistent with a number of recent studies based on cross-sectional time-series comparisons of affected and unaffected markets or employers, we find no evidence that the rise in New Jersey's minimum wage reduced employment at fast-food restaurants in the state. Regardless of whether we compare stores in New Jersey that were affected by the $5.05 minimum to stores in eastern Pennsylvania (where the minimum wage was constant at $4.25 per hour) or to stores in New Jersey that were initially paying $5.00 per hour or more (and were largely unaffected by the new law), we find that the increase in the minimum wage increased employment. We present a wide variety of alternative specifications to probe the robustness of this conclusion. None of the alternatives shows a negative employment effect. We also check our findings for the fast-food industry by comparing changes in teenage employment rates in New Jersey, Pennsylvania, and New York in the year following the increase in the minimum wage. Again, these results point toward a relative increase in employment of low-wage workers in New Jersey. We also find no evidence that minimum-wage increases negatively affect the number of McDonald's outlets opened in a state.

http://davidcard.berkeley.edu/papers/njmin-aer.pdf

His Wikipedia page:
https://en.wikipedia.org/wiki/Alan_Krueger

[BlueToTheBone]

5. Glad he's out. n/t

[Doctor_J]

7. You didn't read it correctly

we find that the increase in the minimum wage increased employment. We present a wide variety of alternative specifications to probe the robustness of this conclusion. None of the alternatives shows a negative employment effect.

To which I say Amen

[BlueToTheBone]

10. You are so right. Thanks

Thanks for the correction.

[Poll_Blind]

8. Thankfully this problem can be solved with some more tax breaks for corporations.

PB