President Joe Biden’s economic team will undergo a shakeup next year, with several top advisers preparing their exit from the White House, according to a Bloomberg report.
As the economy will undoubtedly take center stage going into the 2024 presidential election, National Economic Council (NEC) Director Brian Deese is one of Biden’s economic advisers expected to leave next year. Despite the White House’s desire to keep him onboard, Deese is expected to leave as late as summer 2023, Bloomberg reported.
Before joining the Biden White House, Deese oversaw BlackRock’s sustainable investment strategies and previously served as former President Barack Obama’s deputy director of the NEC.
Biden’s Deputy Treasury Secretary Wally Adeyemo is reportedly one of the top candidates expected to fill Deese’s role when he leaves, sources told Bloomberg.
Biden senior adviser Gene Sperling, who led the NEC under Obama and former President Bill Clinton, is also considering a bid to lead Biden’s NEC.
Along with Deese, Council of Economic Advisers Chairwoman Cecilia Rouse will leave the Biden White House next year to return to Princeton University, where she previously served as a professor of economics and public affairs.
Biden’s Treasury Secretary Janet Yellen plans to stay at her post longer than Deese and Rouse, but Bloomberg’s sources told the outlet they expect her to leave as the 2024 presidential election cycle heats up.
Although Biden has not officially announced his reelection campaign, he has consistently indicated he would run for president again throughout his first two years in office.
Reports about the shakeup in Biden’s economic team come just weeks after Biden press secretary Karine Jean-Pierre told reporters the White House has started “prudently planning for potential transitions.”
Under Biden’s watch, the economy has seen 40-year-high inflation, the nation’s highest gasoline prices, and an economic recession.
The Labor Department’s consumer price index rose by 0.4 percent in October, bringing the Consumer Price Index up 7.7 percent over one year. As a result, inflation will cost American households, on average, an extra $5,200 in 2022, Bloomberg estimated.
After the United States saw two consecutive quarters of negative GDP, the White House tried to redefine a recession, arguing that the traditional metric is “neither the official definition nor the way economists evaluate the state of the business cycle.”
Despite the Biden White House’s efforts to rewrite traditional economics, a September poll found that 61 percent of Americans think the country is in a recession.