Economics, Politics, Social Commentary and occasionally Superstring Theory.

Thursday, December 09, 2004

Snow Stays in the Forecast

It looks like John Snow will be staying at Treasury, according to many sources. Tyler Cowen and Brad DeLong have a discussion up at the WSJ's econblog (subscription not required). They do an excellent job of listing the qualities desired in an ideal SecTreas.

I would just add one more, and I think it's the most crucial: credibility.

People need to know that they can trust the Secretary when he calls and assures them the President is serious about deficit reduction. Or a strong dollar policy.

I don't think Snow has that credibility. He's only been a cheerleader for economic policy that's developed wholly in the White House instead of with input from the OEOB. There is no evidence that he has a substantive impact on policy formulation, or that the President seeks out, much less listens to, his advice.

Not that it would be easy for anyone to be Bush's Treasury Secretary. Their policies would be a joke if they weren't so tragic. At every juncture, the Bush Administration has chosen to pursue reckless policies in order to shore up a political constituency. It's just too bad the future doesn't have a vote, because they'll be the ones paying for it.


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