March 24, 2017

Another Economic Adviser Steps Down

Lawrence Summers, who has been the Director of the National Economic Council since the launch of the Obama Administration, announced he will be stepping down from his post at the end of the year to return to Harvard. Summers is the 3rd economic adviser to withdraw from the Obama Administration since July 30th, when the Director of the Office of Management and Budget, Peter Orszag, stepped down. Chair of the Council of Economic Adviors, Christina Romer, withdrew September 3rd. With these 3 high-level resignations occurring in less than two months, it is either quite a coincidence or an attempt to signal a sea change before the midterm and distance the administration away from economic conditions, such as the 9.6% unemployment rate.

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