Lawrence Summers
Lawrence Summers, director of the National Economic Council, and top economic advisor to the President is planning to return to Harvard University at the end of the month. Summer’s departure could offer the Obama administration an opportunity to regroup amid this election season.
White House officials admit that President Obama had knowledge of Summers departure for quite some time, however, it does not make it easier in the course of such sluggish economic recovery.
Although Summers did allow ample time for the administration to consider a replacement, his announcement comes at the worst possible time. Criticisms of the economic policies implemented by the administration demands a stable and ready team to counter economic crisis as well as address criticisms.
Summers was the chief engineer of many of the economic policies that stopped the fast economic hurdle southward and spurred small amounts of economic growth. He played a key role in laying out the auto industry bailout that prevented hundreds of thousands of layoffs and closures. Summers also worked whole-heartedly on the stimulus package passed in 2009.
Most notably, Summers was a strong proponent of legislation that regulated financial institutions like that which Obama signed into law earlier this year. Even with all his accomplishments along with the Obama administration while in Washington, nevertheless, his two-year leave from Harvard is nearing an end.
A White House official said, “Summers felt it was the right time to go.” President Obama released in a statement, saying he “was grateful for Summers’ service during a time of “great peril for our country.” President Obama also said “While we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry’s wise counsel.”