Krasnow first to receive Rees Fellowship

Sophomore Sam Krasnow is one of few people who can say that President Clinton complimented him on his tie. In Krasnow's few moments with Clinton, the President commented on Krasnow's choice of a black, white and purple polka dot beauty.

Krasnow was not in the oval office merely to show off his fashion sense. He, along with the other workers, students and economists involved in the creation of the Council of Economic Advisor's Economic Report to the President met for a ceremony with Clinton on Feb. 13. The ceremony marked the completion of the 1996 Economic Report of the President.

Krasnow spent Winter Term working as a research assistant intern with the Council of Economic Advisors. The position was made possible through the Albert Rees Fellowship. The fellowship was established this year in the memory of Oberlin graduate and prestigious economist Albert Rees.

Professor of Economics Hirschel Kasper said the Economics department hopes to make the fellowship an annual opportunity for economics students to work in high-level government economics agencies. While the government cannot guarantee a position in the Council of Economic Advisors every year, Kasper seemed to believe that there would always be a position available in an economics-related government agency.

"The faculty in the department are pretty much ga-ga over the program," Kasper said. "Each of us would have liked to be in Sam's place at Sam's age."

"I think it is great exposure for Oberlin," Krasnow said.

The Council of Economic Advisors is comprised of three members, usually well-known academics on sabbatical or leave from their schools. This year's chair is Joe Stieglitz, a name that may be familiar to many first-year economics students. The rest of the staff is comprised of 20 senior and staff economists. There are also a number of research, statistical and administrative assistants.

The Council is responsible for briefing the President weekly on economic issues, as well as writing the yearly Report to the President.

Kasper said that "all economists" have the Report. "It has a lot of information in it. It is well written and addresses important policy issues," Kasper said.

As a research assistant intern Krasnow was mainly responsible for fact-checking. This meant he called various agencies to double check statistics used in the book. He also created visuals and graphs for the report.

In the middle of the month, Krasnow wrote part of the Weekly Economic Briefing to the President . He wrote a paragraph summary reporting that labor strikes reached a post-World War II low. Krasnow said he emphasized that this would reflect negatively on workers' wages and benefits. When the report was ready for the President, Krasnow noticed that his paragraph had been changed to stress that wages were finally contained. " I learned a political lesson of positive or negative spin," Krasnow said.

"[The economists] were optimistic about our economy. They are more optimistic about our economy than the general public," he said.

Krasnow's experience was eye-opening in other ways as well. He said, "I realized how big the government is. The government isn't just the IRS and the military. It provides essential services that capitalism misses."

Krasnow also recognizes the importance and value of his experience. "This internship really opened my eyes to working in the public sector. I think I could find a niche in a political, economic field," Krasnow said.

This outlook on economics is similar to that of the Economics department as a whole. "The Department has long been interested in public sector work. It is in keeping with what we - students and faculty - are all about," Kasper said.

Krasnow had his own cubicle in the Office and met many legislators. He visited his own Vermont representatives and met Vice President Al Gore. "He looked tired," Krasnow said.

Krasnow said that President Clinton "definitely had an aura of power" when he saw him. "If what Clinton said was supposed to be funny, there was a boisterous response," Krasnow said. He said that Steiglitz and Clinton joked around and Clinton made comments about the recent Iowa Caucus and the Consumer Price Index.

"Flat tax week" - as Krasnow called it - occurred while he was in Washington. Presidential candidate Steve Forbes's flat tax plan was the talk among economists while the issue was getting media attention. The economists on the Council "thought it was the stupidest thing," Krasnow said.

Sam and Socks: Sophomore Sam Krasnow meets one of the more important cats in the country. He spent January working in Washington for the Council of Economic Advisors. (photo courtesy of Sam Krasnow)