Years (or months) from now, if the economy goes into recession, remember this is the team that brought you that outcome.

Notes: Clockwise from top left: Bessent (to Treasury; Yale; Key Square Group), Luttnick (to Commerce: Haverford; Cantor Fitzgerald), Hassett (to NEC; Swarthmore, Penn; AEI), Vought (to OMB; Wheaton, GWU Law; Heritage/CRA/Project 2025), Greer (to USTR; BYU, UVA Law; USTR and King & Spalding); Miran* (to CEA; BU, Harvard; Hudson Bay Capital Mgmt), Navarro (to EOP; Tufts, Harvard; UC Irvine and EOP), Faulkender* (to Treasury Dpty; UC Davis, Northwestern; Treasury, UMD). * indicates not yet confirmed by Senate (if necessary).

Of particular interest to me is CEA Chair-designate Stephen Miran’s views on tariffs (Bloomberg):

“The American economic story has seen periods of high tariff rates coincide with extraordinary economic success,” said Stephen Miran, Trump’s pick as chair of the Council of Economic Advisers. “There’s nothing in the historical record

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.

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