Uncertainty hangs over the recovery this winter as economists try to tease out how much of the recent disappointing data is due to the unusually severe weather and how much is due to more worrisome weakness in the economy. To do this, they turn to government data — which now face uncertainty of their own.
Jason Furman, chairman of the White House Council of Economic Advisers, acknowledged the cloudy future of government-run statistical agencies on Tuesday, but he would make no promises about the defending the funding for economists who measure the nation’s economic health.
“There are certainly going to be difficult choices in the budget when it comes to statistics,” he said. “And there’s going to be difficult choices in just about every area of the budget.”
The White House is expected to release its budget for the 2015 fiscal year next week. On Monday, The Wall Street Journal reported that the Labor Department was considering cuts to a program that tracks export and import prices, which play an important role in calculating inflation and output.
Furman, speaking over breakfast at the National Association for Business Economics’ annual policy conference, said he agreed with his economist peers that funding statistical agencies is important. But he pointed to the obstacles for funding anything in the government: lingering spending restrictions that were part of the 2011 Budget Control Act and the automatic budget cuts known as the sequester, which were partially but not completely repealed.
Furman’s remarks came in response to an audience member who asked whether the White House would defend the Bureau of Labor Statistics and the Bureau of Economic Analysis from further funding cuts.
The question drew applause from the room of economists, who gathered to hear Furman describe the White House’s economic outlook and the president’s agenda. Furman said he did not disagree with the notion that protecting the data was important, even as he laid out the fiscal obstacles to doing so.
“We [at CEA] like to think of ourselves as focusing on the national interest and think economics is really a discipline that helps you train and think about that. We’re less responsive to this constituency or that constituency,” Furman said. “But to the degree we do have a constituency “¦ the one that’s closest to our heart is federal data and its importance.”
What We're Following See More »
"Two Republicans intimately familiar with Bill Kristol’s efforts to recruit an independent presidential candidate to challenge Donald Trump and Hillary Clinton have told Bloomberg Politics that the person Kristol has in mind is David French -- whose name the editor of the Weekly Standard floated in the current issue of the magazine.
French is a veteran of Operation Iraqi Freedom. According to the website of National Review, where French is a staff writer, he is a constitutional lawyer, a recipient of the Bronze Star, and an author of several books who lives in Columbia, Tenn., with his wife Nancy and three children."
California Gov. Jerry Brown endorsed Hillary Clinton today, calling her "the only path forward to win the presidency and stop the dangerous candidacy of Donald Trump." While praising Sen. Bernie Sanders' campaign, Brown said "Clinton’s lead is insurmountable and Democrats have shown – by millions of votes – that they want her as their nominee. ... This is no time for Democrats to keep fighting each other. The general election has already begun."
In a New York Magazine profile, Hillary Clinton said she still encounters misogyny at her own events: “‘I really admire you, I really like you, I just don’t know if I can vote for a woman to be president.’ I mean, they come to my events and then they say that to me.”
Senate Majority Leader Mitch McConnell: "One of the things that I’m hoping, I and my colleagues have been trying to convince Senator Marco Rubio to run again in Florida. He had indicated he was not going to, but we’re all hoping that he’ll reconsider, because poll data indicates that he is the one who can win for us. He would not only save a terrific senator for the Senate, but help save the majority. ... Well, I hope so. We’re all lobbying hard for him to run again."