Goolsbee leaving White House
June 6th, 2011
08:16 PM ET

Goolsbee leaving White House

The White House is losing one of its most public faces when it comes to issues related to the economy. Dr. Austan Goolsbee, Chairman of the President’s Council of Economic Advisers, announced he is returning to teaching at the University of Chicago later this summer.

Goolsbee has served as President Obama's economic advisor since the presidential campaign and has become the White House's point man to explain the administration's interpretation of economic reports to the American public.

In a statement, Goolsbee praised Obama's handling of the economy:

“Working each day on behalf of the American people has been a rare privilege, particularly at such a historic time. While I am looking forward to returning home to Chicago, I will always be proud of the years I have spent working for this President. I believe that his judgment, his courage in confronting the worst economic crisis of our lifetimes, and his commitment to the American people have made a tremendous difference for the nation.”

Full statement after the jump:

Dr. Austan D. Goolsbee, Chairman of the President’s Council of Economic Advisers, to Return to the University of Chicago

WASHINGTON - Dr. Austan D. Goolsbee, Chairman of the President’s Council of Economic Advisers (CEA), announced his plans to return to his position as the Robert P. Gwinn Professor of Economics at the University of Chicago Graduate School of Business. He will return to Chicago in time for the upcoming school year. Prior to his time in the Obama Administration, he was a professor at the University of Chicago for fourteen years.

“Since I first ran for the U.S. Senate, Austan has been a close friend and one of my most trusted advisers,” President Obama said. “Over the past several years, he has helped steer our country out of the worst economic crisis since the Great Depression, and although there is still much work ahead, his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs. He is one of America’s great economic thinkers.”

Chairman Goolsbee said, “Working each day on behalf of the American people has been a rare privilege, particularly at such a historic time. While I am looking forward to returning home to Chicago, I will always be proud of the years I have spent working for this President. I believe that his judgment, his courage in confronting the worst economic crisis of our lifetimes, and his commitment to the American people have made a tremendous difference for the nation.”

In addition to serving as Chairman of the Council of Economic Advisers, Dr. Goolsbee was the Staff Economist for the President’s Economic Recovery Advisory Board, where he helped guide the Administration’s response to the economic crisis. He has also worked as a senior adviser to the President’s Council on Jobs and Competitiveness, serving as an important link with the business community. Under his leadership, the CEA focused on policies related to small business, education, innovation and competition, which are essential to ensuring long-term economic growth.

Topics: Austan Goolsbee

soundoff (49 Responses)
  1. Glenda

    OH MAN! Do you mean Goofus really had an economic advisor. GOLLEE.! Wonder why he didn't come up with something? Maybe it was that even no computer could keep up with the speed the Obamas spend money. MOVING ON UP. PALIN 2012

    June 6, 2011 at 9:22 pm |
    • Juan

      What an idiot! Pres. Obama will wipe the floor with Palin. Obama/Biden 2012!

      June 6, 2011 at 9:32 pm |
      • fredrick

        Based on what record will Obama/Biden win in 2012?

        June 7, 2011 at 12:05 am |
      • Robert - Palm Desert

        Obama/HILLARY CLINTON 2012 would play better than Obama/Biden.

        June 7, 2011 at 2:31 am |
      • Glenda

        How is he going to do that. Allow Illegals to vote Juannnneeee?

        June 7, 2011 at 9:53 am |
    • optimistica

      If only she would focus on floors and leave the country alone – then we'd all have clean floors and the possibility of sane and intelligent politicians

      June 7, 2011 at 12:47 am |
    • John

      You libs kill me. It was all Bush's fault – until now. But now it is all the Repubs fault because they promised a jobs plan. When does the guy who is supposed to be in charge (for the last 3 years) take responsibility?
      You libs can't have it both ways – well maybe you can – i.e. Charlie Wrangle, Weiner etc.
      Your party is an insult to the USA. But as a lib I am sure you are proud of that...

      June 7, 2011 at 7:24 am |
      • nagrom

        Yah Vitters Palin Bachmann Ensign Sanford and on and on and on will sure make us libs look really bad won't they? Would you mind telling me what jobs programs the Repukes have put in place or offered? Oh I know Tax incentives for the rich and take away the lively hood of health care for the ill and elderly. That will balance the budget won't it? You really know what you are talking about.

        June 7, 2011 at 3:52 pm |
    • Howard

      Typical Obama move ... since the bad economy can sink Obama's reelection ... blame it all on his
      economic advisor ... throw the advisor under the bus ... and flip / flop ... in hopes of getting votes.
      This scum bag would sell out his Grandmother to get elected ... oh wait, he already has.

      SAVE AMERICA ... DUMP OBAMA IN 2012 !!!

      June 7, 2011 at 11:45 am |
  2. @home

    Palin 2012.. Sarah... is that you?

    June 6, 2011 at 9:41 pm |
    • delilahjones

      that's funny – I have heard that Palin does post favorable comments about herself under various ficticious names! She even wrote a glowing letter to the newpapers! lol

      June 6, 2011 at 11:38 pm |
    • fredrick

      Shouldn't you be commenting on the other article? The one about Sarah Palin that no one cares about? You know, the one with over 1200 posts. This one only has six comments.

      June 7, 2011 at 12:08 am |
    • John

      Ok, Palin is a joke, but Weiner is a leader of the Dem party. Just great... I'd rather be on Palins side. Gotta love the lame stream media who didn't mention a word about Weinergate because they had better things to spend time on, but then they waste time on Palin and Paul Revere.
      I wonder if Palin thinks we have 57 states?

      June 7, 2011 at 7:27 am |
      • John Ohio

        Weiner is not a democratic leader, and his offenses pale in comparison to republican males soliciting sex from another male in an airport restroom, or seducing young male escorts...

        Its not a good idea to try and take the moral high ground when you have so little to stand on. Think about that next time.

        June 7, 2011 at 7:43 am |
      • Glenda

        John – You better do a little History research also. The Democrats are stupid, but I didn't expect it out of you. Palin is a joke. RIGHT? This is what you said. Well she is absolutely right about Paul Revere. He did ride to the British encampment of soldiers already stationed here because they had voiced they desired to be liberated along with the Colonists. Then he continued on with his ride. You can find this simply by going on the internet and searching. You people who think Palin dumb have a surprise coming to you. She is smarter than a Black Windw and twice as dangerous to Obama and his crew. PALIN 2012.

        June 7, 2011 at 11:53 am |
    • Glenda

      Nope it's just the millions of us out here just waiting for her to announce her candidacy. Shore is too bad that the Libs are so scared of this little woman. Then again they have a right to be. Closed Borders, no more free schooling, health, welfare, three meals a day for students. Welfare for the porch monkees who won't work. They'll either take the jobs the illegals do or find some other way to exist. YES THEY BETTER BE SCARED.. THEIR DAY OF WINE AND MJ IS OVER. Employers will also suffer looking out of jail bars. You go grizzly take Obama's would be destroy America sign down. PALIN 2012.

      June 7, 2011 at 10:00 am |
    • Glenda

      Still scared to death aren't we, burrhead. PALIN 2012

      June 7, 2011 at 11:47 am |
      • nagrom

        Gee. Glenda. Isn't that a name of a witch? Must be mixing up a magic potion to put a spell on all the Dems. Sarah in 2012? OH NO MR BILL!!!!!

        June 7, 2011 at 4:02 pm |
  3. Bob

    Another failed Keynesian economist. Good Bye! You wont be missed. Austrian School of Economics is the way forward.

    End the Fed. Ron Paul 2012

    June 6, 2011 at 9:54 pm |
  4. Tim

    You mean after he and Bozo-bama F- ed up the economy. He's going back to teach new cool-aide drinking young believers of "Yes We Can" How to screw it up even worse.

    June 6, 2011 at 10:07 pm |
  5. Stacib

    Interesting timing. Per Obama "his insights and counsel have helped lead us toward an economy that is growing and creating millions of jobs." ???? What? In what country?

    June 6, 2011 at 10:41 pm |
  6. Lola

    Economic advisors to the president should be required to have experience as a business person/owner...beyond teaching economics in the classroom. Sometimes it takes a hands on experience to get a better feel on the economy.

    June 6, 2011 at 10:53 pm |
    • KPATL

      "He is one of America’s great economic thinkers.” Not much on actually "doing" anything about the economic crisis. All theory and nothing practical. Go back to school and good riddance.

      June 6, 2011 at 11:40 pm |
    • fredrick

      When the president gets elected, he gets to choose his own advisors, subject to the advice and consent of the Senate for the high profile positions. This makes sense, right?

      June 7, 2011 at 12:06 am |
  7. Peter

    We are all familiar with the saying....Those that can't do, teach. I have nothing against the guy, but he couldn't effectively advise the president to make any decisions or policy changes to ignite this economy. So go back to the classroom and regurgitate some economic theory and make a good living. The easy way out. He'll probably still get a government pension .

    June 6, 2011 at 11:30 pm |
  8. bman

    This guy should be thrown under the bus if he had anything to do with the continuation of GWB's TARP policy.

    June 6, 2011 at 11:39 pm |
  9. Ontario38

    I don't see how any student could take a serious econ course from this guy. Maybe they'll line up to take the class in order to ask him about working in the White House, but not to seriously study economics. Oh University of Chicago, what happened to thee?

    June 6, 2011 at 11:47 pm |
  10. Ontario38

    Great job man!! 9.1% unemployment, double-dip recession in the housing market, failed stimulus package (yet another failed Keynesian economic idea) looming fiscal insolvency, inflation on the rise.................perhaps now would be a good time to pick up an econ textbook and go through it again.

    June 6, 2011 at 11:50 pm |
  11. Peter Q Wolfe

    Glenda and others:

    I freely admit that President Barack Hussein Obama has spent a tremendous amount of money in attempting to use Keynsian economics to dig us out of this recession/depression. However, I think othr presidents have spent money allocations that they didn't have either likie 2001-2003 tax cuts or RR's 1981 one trillion debt under Carter to twwell over two trillion by the time he left office. I also tink that Henry Paulson is also to blame as well with the first stimulus package and the Medicare programs with two unfunded wars overseas. I also blame full capitalism and gvernmental interfeence in federal loans to undeserving minorities under republican rule in the 1990 decade and the repeal of the Glass Steagle Act.

    Basically, I blame the system not one particular party. Too much partisanship going on in this country to get anythign done if yo ask me. We need to address capitalisms unplanned trade deficit with the chinese estimated in hundreds of billions of dollars. We have tons of asian trade deficits that we can address in numerous fashions especially with the chinese. We can simplify the ctax structure as well. Lastly, economic experience of whom by hance? Business owners are constantly in debt as I can attest to caue my family has owned three businesses and every successful business is underwater like the government is as well so the same concepts apply.

    June 6, 2011 at 11:56 pm |
  12. KeithTexas

    Economic Advisor? Why? And if there was some reason to hire this bozo, why did we have to wait for him to resign? Why wasn't he fired? Economic Advisor, Really?

    I don't get it.

    June 6, 2011 at 11:58 pm |
    • Glenda


      June 7, 2011 at 10:04 am |
  13. NoTax

    Obama suKus on any front

    June 7, 2011 at 12:10 am |
  14. Mary

    Those who can't , teach.

    June 7, 2011 at 12:12 am |
    • John Ohio

      Ahh an ignorant statement used by ignorant people who don't value education. Do you think teachers are overpaid daycare providers aswell? Thought so... You should do us a favor and make sure you don't educate your kids, because when the 'Private Sector' you love so much finishes destroying the middle class, they won't need an education to shovel dude on a farm.

      June 7, 2011 at 7:53 am |
  15. francois

    Those who can't .. teach. I'll have to remember that one.

    The real story here is the opportunity for The President to go find someone who knows what they are doing. Several generations worth of public debit in less than three years and it buys us an unemployment rate higher than when he started. That right there is a clear indication this guy and the administration have no idea what is going on with the economy.

    June 7, 2011 at 12:42 am |
    • nagrom

      If I recall correctly When he came in to office the unemployment rate was over 10% It is around 9% now and would be better if Corporate America would now take all the riches that they have been allowed to amass by sending jobs over seas and cutting work forces nearly in half to assure that the CEO's and share holders make lots of money. Also the Stock Market was at 6,000 and crashing and now is over 12, 000 and flourishing. In addition, FORD GM AND CHRYSLER have been pulled from their doldrums and have begun to employ people again. Guess nothing works huh?

      June 7, 2011 at 4:13 pm |
  16. a slozomby

    those that can't, teach.

    June 7, 2011 at 1:25 am |
  17. i8jomomma

    one down.....time for the rest of them to go

    June 7, 2011 at 1:51 am |
  18. Mikhail

    Oh, does it mean he'll stop appearing on all that tv shows? That would be great, he's so freaking annoying, I wonder if he has been fired because everybody was fed up with him. Finally.

    June 7, 2011 at 2:10 am |
  19. jasonalta

    Nice spin on the headline, CNN! They are making it sound like he's not ditching Obama because of the terrible economy. Give me a break. He is not just "leaving" to go to Chicago; he is fleeing from this ignorant president's economic nightmare. Once again, CNN phrases the headline in a way to shield the president from the obvious: his policies ARE NOT WORKING!

    June 7, 2011 at 3:14 am |
  20. Peter Wolfe

    Aren't you guys filled with generalizations he? I know in my family that businesses happen to be submerged in debt just to stay afloat you must get loans from banks. So, which is worse a privately held ink well that is bleeding money or the government? Again, this is the worse economic collapse in a long time of both political parties to blame not just democrats ma. Everyone has to have a scapegoat right? There are htings that capitalism hasn't addressed like trade deficits, inproortional economic distribution, regulation of environmental damage, illegal immigration, etc. These same repubicans you love are southern farm ranch hands who hire illegals in Georgia, California to Arizonia and they should be deported!

    June 7, 2011 at 3:20 am |
    • Glenda

      Spending 4 trillion dollars was well spent too, wasn't it. I don't see that it helped one bit except get us closer to bankrup[tcy. We weren't in over our heads until hoe handle took charge.

      June 7, 2011 at 11:57 am |
  21. Aces

    Another Progressive clown that has no experience with business in the real world.

    June 7, 2011 at 4:35 am |
  22. Jerry

    Good riddance. One more Nobamamite bites the dust. Too bad he can't take the POTUS and his family with him.

    June 7, 2011 at 10:32 am |
  23. rf924

    IF the University of Chicago had any standards whatsoever, which it obviously doesn't(see: Bill Ayers), they would tell Goolsbee that, due to his obvious ignorance of simple economics, based on his and his boss' epic failure, he would not be welcomed back to the University.

    June 7, 2011 at 10:52 am |
  24. Jill

    I doubt if any of the posts made so far on this article were written by a person with a university degree. It's obvious.

    June 7, 2011 at 11:07 am |
  25. nagrom

    Hmmm Bashing educators. Must all be republicans. After all.. Aren't they the ones who want to downsize educational funding? Make the rich richer poor poorer and destroy the middle class. What's left of it thanks to Corporate America. But blame all that on Obama and his Administration. Couldn't be because of all the wars and pestilence the previous Administration dragged us in to? I think they were Republicans too?

    June 7, 2011 at 4:07 pm |
  26. Liz Carter in Georgia

    'until hoe handle took charge'? What country were you living in when the 'hoe handle' and McCain both left their campaigns to go to back to Washington to accept responsibility along with the rest of the Congress and BUSH for the failed TARP! From what I can see next to racism and bigotry, Americas' biggest problems are thievery and greed. TARP and the Obamas' 'bailout' were literally stolen by the bloodsuckers, period! They don't give a hoot about American taxpayers, jobs, health insurance and nothing else!

    June 7, 2011 at 4:38 pm |
  27. Liz Carter in Georgia

    John you are right on that note! Some folks will vote for HOWDY DOODY or MICKEY MOUSE just to run OBAMA out of the Whitehouse, which I think is a selfish, biggoted reason! Some are genuine in their concerns, but most are hiding pure hate and animosity under political beauracracy, and a blind man can see it! Glenda you know good and well Palin is a joke! Put her and the REPUBLICANS back in office if you dare, and you'll be screaming 'GOD PLEASE BLESS AMERICA'! to the 10th power! Be careful what you ask for!

    June 8, 2011 at 11:16 pm |