June 7, (PRINTWORDS NEWS) In a rather unexpected development, the chairman of United States President Barack Obama’s Council of Economic Advisors, Austan Goolsbee has taken the decision to resign from his position. Considering the fact that in the recent past signs of fragility has surfaced in the U.S economy, the resignation of President Obama’s top aide has indeed managed to create ripples in the political and economic circles of United States.
A White House announcement that was made on Monday night revealed that Goolsbee, who has been holding the position for less than a year now, would be resuming his teaching responsibilities at the University of Chicago. The 41-year-old is likely to be back in Chicago in time to return to his job as the economics professor of the University’s Booth School of Business before the commencement of the next school year. A close White House aide has divulged, on condition of anonymity, that despite Goolsbee’s stepping down from the position of the chairman of the Council of Economic Advisors, he would continue to remain as a close adviser of President Obama informally.
While reacting to Goolsbee’s resignation, the United States President released a statement that read, “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.”
Since it came to light that Goolsbee has decided to step down from his post, speculations have been ripe about his possible replacements although White House top aides have been tight-lipped about the matter. Meanwhile, the buzz across various quarters has been that whoever succeeds Goolsbee is likely to face a difficult time with a report that was released on Friday, showing a considerable hike in the unemployment rate as well as a rather lukewarm growth in the job scenario. Analysts believe that the economy of the country is again going through a rough phase and the recent dismal statistics brings under scrutiny the verve of economic recovery.
In an attempt to pacify the growing speculations about the reason for Goolsbee’s exit, top officials have explained that the economist had to depart to maintain his post as a professor in University of Chicago which could have expired without his return. Apart from his teaching job, Goolsbee is also likely to play the role of an outside adviser to President’s Obama’s 2012 re-election campaign.
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