Like many of you, I was a bit dismayed when Obama turned to Robert Rubin and his coterie for economic advice. I now admit that I was mistaken. According to Tuesday's Wall Street Journal, Citicorp has been paying Robert Rubin $17 million a year for a part-time job with no responsibility. Judging by the company's performance, the expectations placed on him might not be particularly high.
My full-time teaching job leaves me little spare time, but I think I could put aside a few hours each week in return for $17 million. I would be willing to take a pay cut in return for cutting back a few extra hours.
If you're like me, and think that you would want an opportunity like that, I would hope that Pres. Obama would enact policies that would give everybody an opportunity like Robert Rubin. With this in mind, I will put myself an unofficial adviser to the Obama campaign, suggesting the slogan: Rubinomics for the People.
Go Barak!
michael,
ReplyDeleteMost reports have Obama listening to a range of people, a much broader group than the Rubin crowd the Clintons pretty much only listened to. Jason Furman has listed a pretty diverse set of folks he listens to, and they include James Galbraith and Jared Bernstein, both of whom are reasonably progressive, although I guess we shall have to wait and see if they have any real input.
I am still back with the $17 million for a part time job with no responsiblity. That is enough money to provide 425 families with an annual income of $40,000. Many people would be willing to work full time for that kind of money. You could take that money and fund scholarships for 425 bright kids going to good (and expensive) private schools. $17 million gives you $850,000 at 5%, a rate still possible to find if you look. A foundation could use that money to make 17 $50,000 grants to good nonprofits doing good work, or 85 $10,000 grants, and still have the original money a year-end. And if the foundation was Rubin, it would have another $17 million added to its endowment each year, increasing its giving by another $850,000. Think of all the homeless shelters and arts organizations that could be kept in business... For that matter, think of what a government -- say the city of Minneapolis or the state of Minnesota -- could do with that money...
ReplyDeleteone question is whether that money is a payback for having greased the skids to legalize the illegal corporate structure of Citibank while Rubin was secretary of the treasury under Clinton.
ReplyDeleteActually more troublesome here in terms of Obama, aside from whatever Rubin is up to or what he is really getting paid for is Obama's pick of Biden. He has very major links to the banking industry, with one of his sons being given a cushy job by one of the banks that gave him lots of campaign funds, and him playing a major role in the "bankruptcy reform" that hurt consumers.
ReplyDelete