President Barack Obama will nominate Jason Furman on Monday as his top economic advisor, replacing Alan Krueger as chairman of the Council of Economic Advisors (CEA).
The announcement will take place just after 2 p.m on White House grounds as Obama plans to stand with Furman and Krueger to finalize the appointment and provide details of Furman's tenure and successes as part of the president's economic team since the 2008 presidential election.
Since then, a White House official confirmed, Furman "has been a key advisor to the president and has contributed to most every major proposal on jobs and the economy since then."
Lauded by most who have worked with him, Furman's nomination has brought little criticism, yet great anticipation for the policies for which he'll be backing.
"I've worked closely with Jason," said former colleague Joe Bernstein. "This is a guy who can hold forth on the history of the tiers of the unemployment insurance system as well as the exemptions in the corporate tax code, including the Senators who snuck them in there."
Adding, "I'd describe the values of Furmanomics thusly":
* Progressive taxation that raises ample revenue;
* Boosting efficiencies and squeezing out inefficiencies in the tax code and the health care system;
* Solidly Keynasian in the recession (he was ally in those arguments back in the day);
* Crafting policies with a clear eye to implementation constraints (something you only develop from pretty long experience in the gov't sector);
* Strong supporter of the safety net. (see here, e.g., re the little-known Furman effect)."
Lee Sachs, former counselor to previous Treasury Secretary Tim Geithner told Bloomberg that he is confident Furman will prosper in the role as he is strong and undoubtedly aware of the consequences of potential future economic policies.
"Jason is one of those rare individuals who combines a top economic mind with a deep understanding of the policy process and a true sensitivity to the real world implications of policy decisions," he declared. "He would be an excellent choice to head the CEA."
Furman earned all three of his degrees - his undergraduate, his master's as well as a Ph.D. in economics - from Harvard University; in addition, he received a master's from the London School of Economics.
Krueger will be returning to Princeton University to reassume his role as tenure Bendheim Professor of Economic and Public Affairs.
