Remarks by the President Nominating Jason Furman as Chairman of the Council of Economic Advisers, 6/10/13

“It’s now been nearly five years since an economic crisis and a punishing recession came together to cost far too many Americans their jobs, and their homes, and the sense of security that they had built up over time. And by the time I took office, my team and I were facing bubbles that had burst; markets that had cratered; bank after bank on the verge of collapse. And the heartbeat of American manufacturing, our auto industry, was flatlining. And all this meant that hundreds of thousands of Americans were losing their jobs each month. So this was a scary time. And nobody had any idea where the bottom would be.

Four and a half years later, our businesses have created nearly 7 million new jobs over the past 36 months. The American auto industry has come roaring back. We’re producing more of our own energy, we’re consuming less that we import from other countries. Our deficits are shrinking rapidly. The cost of health care is slowing. The housing market is rebounding. People’s retirement savings are growing. The wealth that was lost from that recession has now been recovered.

All of this progress is a testament to the grit and resolve of the American people, most of all. But it’s also due in some measurable way to the incredible dedication of the men and women who helped to engineer America’s response. And two of those people are standing next to me, two very smart economists: Alan Krueger and Jason Furman….

And Alan is driven by the basic bargain at the heart of our economy — the idea that hard work should be rewarded. He’s motivated by the principle that no one who works full-time in the greatest nation on Earth should have to raise their families in poverty or below poverty levels….

I’m also proud to nominate another outstanding economist to take his place. Jason Furman is one of the most brilliant economic minds of his generation, don’t take my word for it — you can talk to other economists who know a lot more than I do about it. He’s won the respect and admiration from his peers across the political spectrum. His Ph.D. thesis advisor, Greg Mankiw, chaired the Council of Economic Advisers under George W. Bush. Nobel Prize Winner Joe Stiglitz, on the other side of the economic spectrum, hired Jason to work for the CEA under President Clinton.

After leaving President Clinton’s White House, Jason finished his Ph.D. in economics, quickly acquired a reputation as a world-class scholar and researcher. But public service kept calling, and Jason kept answering that call because he believes deeply in it. So from working at the World Bank on issues of inequality and international finance to developing new proposals to strengthen our health and retirement programs, he helped to shape some of our most important economic policy debates.

…. And over the last five years I’ve come to trust not only his head, but also his heart, because Jason never forgets who it is that we’re fighting for: middle-class families, folks who are working hard to climb their way into the middle class, the next generation.

And when the stakes are highest, there’s no one I’d rather turn to for straightforward, unvarnished advice that helps me to do my job. He understands all sides of an argument, not just one side of it. He’s worked tirelessly on just about every major economic challenge of the past four and a half years, from averting a second depression, to fighting for tax cuts that help millions of working families make ends meet, to creating new incentives for businesses to hire, to reducing our deficits in a balanced way that benefits the middle class….

So a growing economy that creates good middle-class jobs, that rewards hard work and responsibility, that’s our North Star. Jason shares that focus. I know Alan shares that passion. And Jason’s new role as the Chairman of the Economic — Council of Economic Advisors, he’ll be working with some of our country’s leading economists, including Jim Stock, who has joined us. And I’m relying on them to provide analysis and recommendations with just one thing in mind: What’s going to do the most good for the most people in this country — not what’s best for a political party, not what’s best for a special interest. I don’t have another election. It’s not what’s best for me — what’s best for our middle class, and everybody who is working hard to get there. That’s what the American people deserve.”

Full text: http://1.usa.gov/11DtqWe

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