President Bush's top economic adviser has called it quits. N. Gregory Mankiw says it's time to "return to my family" -- usually political code for "Time to git while the gittin's good."
Prof Mankiw got out of step with his boss on Social Security, spilling the beans that it can't be fixed without some painful repairs. Back in early December, he said it'd be impossible to fix Social Security without cutting benefits. He called those promised benefits, "empty promises."
He'll be best remembered for his statement that outsourcing jobs overseas would prove "a plus for the economy in the long run."
As economist John Maynard Keynes put it, "In the long-run we are all dead." In the short term, at least Prof Mankiw's job wasn't outsourced. (NYT)
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