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Trump is turning economic policy-making into a joke
His latest appointment to the Fed is depressing and laughable at the same time
There was a time economic policy was set by… economists. Ah, the good old days.
Now, someone’s appointment to an economic policy-making position hinges not on technical expertise but on one’s blind loyalty to Trump. Such loyalty requires a certain flexibility of ideology given Trump’s propensity to reverse positions based upon public reaction. For some people, fortunately for Trump, their ideological commitments are for sale.
Take for example Larry Kudlow, the Director of the National Economic Council — arguably the President’s chief economic adviser. While it is true that he has some industry experience, he never completed any graduate studies in economics or any related field. What apparently qualified him for the position was his role as a spokesperson on CNBC who was relentlessly critical of Obama and a cheerleader for Trump.
It’s worth noting, by the way, that Kudlow published an article entitled Bush Boom Continues, in which he asserted the economy would continue to expand for years to come. The Great Recession started later that month. He has never acknowledged his mistake.
