An Open Letter To Kevin Hassett, Director National Economic Council
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Kevin, in your role as Director of the National Economic Council, you carry the significant responsibility of advising the president on economic and fiscal policy matters, while also acting as an "honest broker." I was genuinely shocked and disappointed to hear that you argued the dismissal of the BLS Commissioner was an effort to "restore" trust in the BLS. This is entirely false. In reality, the removal of the BLS Commissioner sends the opposite message, indicating that the administration will attempt to manipulate the numbers for political gain.
As you mentioned, the jobs data has indeed been "awful" for a while. But why is this happening? The statistical agencies, especially the BLS, have been lacking sufficient funding from Congress to produce the highest quality data for policymakers, businesses, individuals, and investors. Instead of seeking additional funding, the current administration has dismissed its leader, claiming this will lead to better statistics, which many now distrust.
In the most recent employment figures, companies of all sizes have communicated to you and others in the administration that the erratic tariff policy has generated such confusion and uncertainty that managing a business on a day-to-day or weekly basis has become nearly impossible.
Janet Norwood, the esteemed BLS Commissioner, remarked that "the professionals who compile the nation's statistics must be courageous enough to insist that their work remains free of political interference." The dismissal of the BLS Commissioner suggests that this is no longer feasible.
Joseph G. Carson
AuthorMore in Author Profile »Joseph G. Carson, Former Director of Global Economic Research, Alliance Bernstein. Joseph G. Carson joined Alliance Bernstein in 2001. He oversaw the Economic Analysis team for Alliance Bernstein Fixed Income and has primary responsibility for the economic and interest-rate analysis of the US. Previously, Carson was chief economist of the Americas for UBS Warburg, where he was primarily responsible for forecasting the US economy and interest rates. From 1996 to 1999, he was chief US economist at Deutsche Bank. While there, Carson was named to the Institutional Investor All-Star Team for Fixed Income and ranked as one of Best Analysts and Economists by The Global Investor Fixed Income Survey. He began his professional career in 1977 as a staff economist for the chief economist’s office in the US Department of Commerce, where he was designated the department’s representative at the Council on Wage and Price Stability during President Carter’s voluntary wage and price guidelines program. In 1979, Carson joined General Motors as an analyst. He held a variety of roles at GM, including chief forecaster for North America and chief analyst in charge of production recommendations for the Truck Group. From 1981 to 1986, Carson served as vice president and senior economist for the Capital Markets Economics Group at Merrill Lynch. In 1986, he joined Chemical Bank; he later became its chief economist. From 1992 to 1996, Carson served as chief economist at Dean Witter, where he sat on the investment-policy and stock-selection committees. He received his BA and MA from Youngstown State University and did his PhD coursework at George Washington University. Honorary Doctorate Degree, Business Administration Youngstown State University 2016. Location: New York.