Obama Chooses Princeton Economist to Head Economic Team.

Today, President Obama chose labor economist Alan Krueger to be the new Chairman of the Council of Economic Advisers, replacing Austan Goolsbee who left this month and returned to the University of Chicago.

Krueger comes into the administration having run the "cash for clunckers" program and served in the Labor Department during the Clinton administration. His most recent position was an an economist at Princeton University. Unfortunately for Krueger, this requires Senate confirmation, which will undoubtedly highlight his lack of practical business experience.

Much of Krueger's experience has been in government and academia, with little or no business experience, which has been the complaint against many of the President's advisers and appointments.

This comes at a crucial time for the President, as his next task after Labor Day will be to unveil his job proposal and his plan for reducing the enormous federal debt. His speech will come on the heals of Friday's job report by the Labor Department, which will further fuel the fire already raging over the stagnate economy.

Next week should be an interesting and volatile week.

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