Council of Economic Advisors

Examples of Council of Economic Advisors in the following topics:

• Peacetime Economy

  • The post-war years were unusual in a number of ways, unemployment was never high, and this era may be considered a "sui generis end-of-the-war recession," or a very unique type of recession.
  • Three years later, the 1948 recession became a brief economic downturn.
  • The U.S. underwent a kind of golden age of economic growth.
  • This growth was distributed fairly evenly across the economic classes, which some attribute to the strength of labor unions in this period—labor union membership peaked historically in the U.S. during the 1950s, in the midst of this massive economic growth.
  • During this time as well, Congress created the Council of Economic Advisors, to promote high employment, high profits, and low inflation.

• Compensation and Competition

  • Compensation can come in the form of cash as well as benefits (e.g., health insurance).
  • On the other hand, high levels of compensation create high overhead for the company.
  • To identify this balance, companies must look at the structure of the wages within the organization, the compensation common in their industry, as well as their strengths and those of their competitors.
  • The Council of Economic Advisors predicts that eventually wages will actually be reduced in real (inflation-adjusted) terms as the increase in insurance premiums will require reductions in non-insurance compensation.
  • Health insurance premiums are thus a cause of salary and wage growth stagnation for much of the population in the U.S.

• Cabinet Departments

  • The cabinet is the collection of top-ranking advisors in the executive branch of government, particularly executive department secretaries.
  • These Cabinet members preside over bureaucratic operations and serve as advisors to the president.
  • The first president of the United States, George Washington, established the tradition of having a cabinet of advisors.
  • Still, their heads are considered high ranking advisors to the president.
  • These cabinet-level officers include the vice president, the chief of staff, the director of the Office of Management and Budget, the administrator of the Environmental Protection Agency, the trade representative, the ambassador to the United Nations, the chairman of the Council of Economic Advisors, and the administrator of the Small Business Administration.

• Defending the Nation

  • The White House National Security Council is the principal forum used by the President of the United States for considering national security and foreign policy matters with his senior national security advisors and Cabinet officials.
  • The Security Council is part of the Executive Office of the President of the United States .
  • Council also has counterparts in the national security councils of many other nations.
  • Its regular attendees (both statutory and non-statutory) are the Vice President (statutory), the Secretary of State (statutory), the Secretary of Treasury (non-statutory), the Secretary of Defense (statutory), and the National Security Advisor (non-statutory).
  • Identify the main function of the United States National Security Council

• The Rise of the Assemblies

  • Each colony had a system of governance including a governor, a council of officials appointed by the governor, and an elected assembly.
  • The Governor's Council or the Governor's Court were the senior advisors to the governor.
  • The colonial governor appointed council members who served as the government in the case of an absentee governorship.
  • Council members were ex-officio members who served by virtue of holding another public office.
  • For example, the head of the militia, the chief justice, and the king's attorney were also council members.

• Louis XV

  • The ministry of the Duke of Bourbon pursued policies that resulted in serious economic and social problems in France.
  • Created by Louis XIV, the council was in charge of state policy regarding religion, diplomacy, and war.
  • However, he was blamed for the many diplomatic, military and economic reverses.
  • Historians have also noted that the king left the country in the hands of his advisors while he engaged in his favorite hobbies, including hunting and womanizing.
  • Philippe, Duke of Orléans, nephew of Louis XIV, was named president of the council, but all decisions were to be made by majority vote.

• Peacetime Politics

  • With the Soviet Union expanding its sphere of influence through Eastern Europe, Truman and his foreign policy advisors took a hard line against the USSR.
  • To get Congress to spend the vast sums necessary to restart the moribund European economy, Truman used an ideological argument, arguing that Communism flourishes in economically deprived areas.
  • The act also created the CIA and the National Security Council.
  • There was no consensus among government officials as to what economic course the postwar U.S. should steer.
  • Although Truman was unable to implement his Fair Deal program in its entirety, a great deal of social and economic progress took place in the late Forties and early Fifties.

• Conclusion: Truman and the Beginning of the Cold War

  • With the Soviet Union expanding its sphere of influence through Eastern Europe, Truman and his foreign policy advisors took a hard line against the USSR.
  • To get Congress to spend the vast sums necessary to restart the moribund European economy, Truman used an ideological argument, arguing that Communism flourishes in economically deprived areas.
  • The act also created the CIA and the National Security Council.
  • One of the more significant impacts of containment was the outbreak of the Korean War.
  • To Stalin's surprise, the UN Security Council backed the defense of South Korea, though the Soviets were then boycotting meetings in protest that Taiwan and not Communist China held a permanent seat on the Council.

• The European Central Bank

  • The Governing Council decides and formulates monetary policy for the European Central Bank and is similar to the Board of Governors of the Federal Reserve System.
  • The council is composed of the Executive Board and 17 Governors.
  • The European Council consists of heads of state of the EU member countries.
  • President of the Executive Council also becomes the president of the Governing Council.
  • Country's central banks remain independent of the EU, and the top official of a central bank in the Eurozone is a governor and a member of the Governing Council.

• The United Nations

  • In 1945, the UN officially came into existence upon ratification of the United Nations Charter by the five then-permanent members of the Security Council—France, the Republic of China, the Soviet Union, the United Kingdom and the United States—and by a majority of the other 46 signatories.
  • The Security Council (UNSC) is charged with maintaining peace and security among countries.
  • The Economic and Social Council promotes international economic and social progress through cooperation and development.
  • The United States is a charter member of the United Nations and one of five permanent members of the UN Security Council.
  • In order to find these WMDs, Bush and a "coalition of the willing" invaded Iraq without explicit UN Security Council approval, causing friction within the multilateral UN .