On November 26, 2024, President of the US Donald Trump announced the name of the National Economic Council (NEC). He chose Kevin Hassett to handle the economic plans domestically and internationally. He has many years of experience in this field. Previously, he served in the leadership of the White House Council of Economic Advisers (CEA) during Trump’s first term of the presidency. At that time, he provided many key pieces of advice to the president on different types of economic issues. In 2019, he left his position at CEA and joined the government to assist with the COVID-19 pandemic.
At the initial stage of the COVID-19 period, he was the only official who warned the leaders about the potential severe economic consequences. In this way, he presented a more serious outlook as compared to other members of the White House. How he is appointed at the NEC with the expectation that he would apply his experience to solving the economic crisis in the United States. His effort and experience make the country’s economic future better.
Kevin Hassett is one of the economists with a lot of experience in both academic and advisory roles. Currently, he is working as the managing director at the Milken Institute. In this organization, he holds a distinguished position at the Hoover Institution at Stanford University. Hassett has completed his degree in economics from the University of Pennsylvania. After completion, he took part in many economic policy discussions.
During the 2000 presidential primaries, he was John McCain’s chief economic advisor. He later served as a senior economic advisor to the campaigns of George W. Bush in 2004, McCain again in 2008, and Mitt Romney in 2012.
Before his advisory role, he was serving at the American Enterprise Institute as a research director. He also spent some years of his life as a senior economist at the Federal Reserve. He did many jobs in both the public and private sectors. His experience in economic policy has had great effects on different high-profile political campaigns.
Hassett’s background in research and policy-making continues to shape his contributions to economic analysis and debates.
In their 1999 book “Dow 36,000,” economists Hassett and James K. Glassman boldly predicted that the Dow Jones Industrial Average would hit 36,000 within five years. This forecast was made during a time of extreme market turbulence, right before the dot-com bubble burst. They had also predicted that the Dow may reach 35,000 a year sooner, which at the time looked like an unrealistic goal.
The Dow finished at 44,860.31 on Tuesday, marking the first time it has topped 35,000 in 2021. This was considerably more than they had anticipated. This increase demonstrates how markets may occasionally surprise and outperform forecasts over time.
Their prediction’s narrative demonstrates how difficult it is to anticipate long-term market patterns with any degree of accuracy, particularly when dealing with erratic occurrences like economic crises. Additionally, it demonstrates that markets may continue to expand despite temporary setbacks, demonstrating that patience in investing can be fruitful.
Kevin Hassett pointed out the growing issue of the financial crisis in 2012 that led to long-term unemployment. He was famous for his conservative opinions. But he suggested that this was an issue that needed immediate action. According to him, a detailed re-employment policy is needed to solve the crisis and policymakers should create this policy soon. This policy assists in helping those who have not worked for a longer period and return them to the workplace. This policy has a special objective to lessen the long-term impact of unemployment. Hassett’s call was for a practical solution to support people who had been jobless for an extended period, recognizing the need for specific strategies to address this challenge.
