by Candi Sparks
The chief architect of Obama’s federal stimulus plan is leaving the white House before the end of this year for a teaching position at Harvard University . Laurence H. Summers, Director of the White House National Economic Council lead the nation’s efforts to prevent a depression and lead the way to economic expansion. Summers held daily briefings on the economy and played a role developing the $787 billion stimulus package, auto industry bail out and overhaul of the nation’s healthcare system.
Summers imminent departure from Obama’s economic team could be a signal that a political and economic shake up is looming. Earlier this year two other key figures left the administration. Peter Orszag, White House budget director Peter Orszag and Christina D. Romer, chairwoman of the White House Council of Economic Advisers. Of Obama’s original key team members, only Treasury Secretary Timothy Geithner, remains at his post. These departures have been provided Republicans with ammunition that Obama’s policies are not working and Summer’s departure prior to the midterm elections is being publicized as an opportunity for “mid term correction” by many.
Political science professor Christopher Mann of the of University of Miami said, “The political value of creating some space — and setting some people up there that congressional candidates can scapegoat a little bit — may outweigh the implicit suggestions that the Obama policies are failing.’’ He reported in the Boston Globe that “It indicates that the White House has determined that the risk of these folks departing before election day is less than the potential gain for having them stay.’’
Mr. Summers held daily economics briefings and was known to disagree with other key economic advisors, Mr. Geithner and Ms. Romer, although those differences seemed to abate over time. Mr. Summers also ruffled feathers in his previous role as President of Harvard, where he resigned after receiving a no-confidence vote following negative comments he made to the press about the under representation of women in science and engineering. Summers, however, was focused on the problems confronting the landscape of the global economy and continued teaching, lecturing, and writing. He also worked with a hedge management fund before joining the Obama campaign in 2008. In columns for the Financial Times, he predicted a recession before others did.
Summers previously served as the Secretary of the Treasury for the last year and a half of the Clinton Administration and in 1993 received the John Bates Clark Metal for his work in several fields of economics. Many thought Summer’s position in Obama’s administration was beneath him, given his role in the Clinton administration.
Summers maintained all along that his position as president of the White House National Economic Council was temporary and that he would be returning home to his family in Cambridge . It is obvious that problems in the economy and our political differences cannot be overcome by one person alone. This is a team effort. Whether Summer’s departure signals a mid-term course correction or the vacancy simply leaves more room for improvement remains to be seen.
