It looks like the Bush economic team has been given the boot as Treasury Secretary Paul O’Neill and Economic Advisor Larry Lindsey have both submitted their resignation letters to the Bush White House.
This news is not a terrific surprise, as there have been calls for Bush to shake up his economic team for some time. Neither O’Neill or Lindsey have been very active in leading on economic issues, and have been mostly asleep at the wheel when it comes to strongly supporting reform measures. It’s clear that a change was needed, and the Bush Administration needs an economic team that can handle the stresses of bringing the US into better economic times.
The replacements for O’Neill and Lindsey need to clearly stand behind an economic reform package that encourages private investment, keeps taxes low, and helps to expand the US economy. Both O’Neill and Lindsey were smart people, but they lacked the passion that is needed to get the job done. Hopefully the new team will stand more strongly for important reform measures.