I already wrote this on my Facebook wall, but I’m so proud to hear the close-to-official word that my friends Jason Furman, Austan Goolsbee, and Peter Orszag will be at the top of President Obama’s economic team. From today’s Wall Street Journal story on the pick of Tim Geithner for Treasury Secretary:
Already, the backbone of an Obama economic team has emerged. Congressional Budget Office director Peter Orszag will be Mr. Obama’s budget director. Jacob Lew, a former Clinton budget director, will head the White House’s National Economic Council. Jason Furman, the economic policy director of the Obama campaign, is likely to be Mr. Lew’s deputy. And Austan Goolsbee, a University of Chicago economist and long-time policy confidante, is expected to chair the Council of Economic Advisers.
The team represents a re-emergence of more academic economists and technocrats after a Bush administration that elevated aluminum-company and railroad executives to be Treasury secretary.
I’ve already pointed out during the campaign that Jason and Austan understand the importance of fiscal responsibility, at this post. Jason was a member of the Concord Coalition’s Fiscal Wake-Up Tour for awhile, after all. And Peter has written about why deficits matter many times including with none other than Bob Rubin, and of course, Peter’s had to care about this full time in his job as director of the Congressional Budget Office over the past two years.