Mitt Romney has two degrees from Harvard University and he also had a very successful career running Bain Capital. It would be fair to assume then that he likes to be the best at what he does and also surround himself with the best and the brightest. It seems to be the case because he has put together a team of all-star economic advisers that include renowned economist Gregory Mankiw and the dean of Columbia Business School Glenn Hubbard.
But what needs to be noted is that the 59-point economic plan that Romney issued late last year is at odds with what Mankiw and Hubbard have published about monetary and housing policies. For instance, Mankiw who is a famous Harvard University professor and former economic advisor in the Bush administration was in favor of easing monetary policy to boost consumer demand, but Romney has stated several times that he would replace Fed Chairman Ben Bernanke with another individual who would actually tighten monetary policy.
This has, in fact, been a trend among presidents who are unable to keep their campaign promises because of the economic and political reality that faced them when they took office. I don’t want to blame only Republican presidents so I will give you the example of how Bill Clinton who ran on a tax cut for the middle-class, then forgot about this so that he could bring down the deficit.
But then again academics really aren’t the best when it comes to selling a campaign as it is the policies that win votes that usually take precedence in any election and with any candidate and especially for someone like Romney who is behind Obama in the polls at the moment.
It appears that Mitt Romney will do what it takes to win votes as he is after all a politician rather than follow the advice of the talented team he has put together.