The acting chairman of President Trump’s Council of Economic Advisers, Tomas J. Philipson, will leave his post and return to the University of Chicago at the end of June, an administration official said Wednesday.
Following the departure of deputy director Andrew Olmem last week, the three-member panel will be down to one member, Tyler Goodspeed, who is trained as an historian.
Another top adviser, Kevin Hassett, who preceded Philipson as CEA chair before stepping down a year ago, said he was ending a three-month stint advising the president.
Why it matters: “The departures come at a critical time for the White House and the country,” The Washington Post said, citing the severe recession, massive job losses, the resurgence of coronavirus in much of the country, and the trillions of dollars the government has spent and may spend again to aid the economy. “Losing two top economists in the midst of the crisis could push more of the analysis of future steps onto other advisers who don’t have the same background or expertise,” the Post added. “Still, Trump isn’t known for relying on the guidance of economists as much as his own instincts.”