From Paul Krugman to Ben Bernanke, Keynesians from Princeton seem to rule the airwaves and government offices these days, and now Obama has appointed Alan B. Krueger, also of Princeton, as his new chairman of the White House economic advisers. Yes, this is the same Alan B. Krueger who claimed two years ago that a huge, new value-added tax (VAT) like what they have in Europe would “fix” the U.S. economy.

And, yes, this is the same Alan B. Krueger who co-authored a paper with David Card in American Economic Review almost 20 years ago that claimed that increases in the minimum wage either had no effect on levels of employment or actually would decrease unemployment. (They later developed their original study into a book.) So, I think we safely can say that although Obama has received a lot of very bad advice these past three years, he is going to receive even more — and the end result will be driving the U.S. economy into ruin. Of course, the people at Princeton, like Obama, will blame everyone else.