Economist Jason Furman, Ph.D. (Harvard) | Net Worth-$24 Million | “Deficit Hawk”

The Fed’s chairman, William McChesney Martin, was a stockbroker with a low opinion of the species. “We have fifty econometricians working for us at the Fed,” he told a visitor. “They are all located in the basement of this building, and there is a reason why they are there.” They were in the building, he said, because they asked good questions. They were in the basement, he continued, because “they don’t know their own limitations, and they have a far greater sense of confidence in their analyses than I have found to be warranted.”4

William McChesney Martin on Economists. Benyamin Applebaum’s “The Economist’s Hour“.

Background Information

Jason Furman is a millionaire (net worth $24 million (2013)).

Jay Furman

His father, Jay Furman, was principal of a New York City real estate development firm, RD Management, LLC. There is a center and a law school building named after Mr. Furman at NYU.

U.S. District Judge Jesse Furman, S.D.N.Y.

His brother, Jesse Furman, is a U.S. District Judge in the Southern District of New York.

Jason Furman on Student Loan Forgiveness/Cancellation: No.

Unsurprisingly, the millionaire, “deficit hawk” economist is against policies that can help people. In this case, student loan forgiveness. He is still advocating for the failed student loan system in 2022.

People developing themselves help society at large, yet all the burden must be carried by the students who cannot pay cash for tuition, like multimillionaire Furman?

It is abhorrent to know that elitist and cold-blooded people like Furman have the ear of the powerful in the Democratic Party.

Contrast Furman’s opinion with a column by the New York Times’ Ron Lieber. Lieber proposes that the government should apologize to borrowers for its policy failure.

Read more about my terrible experience (19+ years) with Federal Family Education Loans (Navient-“owned”, Stafford, consolidated, 8.25 percent interest).

What really made me laugh is his statement that he is not an attorney. His father was and has a building named after him at NYU. You would think that Jason Furman would consult the well-known NYU tax law program before making awful assumptions. In addition, the best action is to determine how to make a program work for people, not just attack new policy ideas.

(He did not present strong arguments against the Trump tax cut legislation (which very likely benefited him-an heir of shopping mall properties)).

Note: The American Relief Plan Act excluded student loan forgiveness from gross income for a limited period.

Related Blog Posts

Jason Furman, a Ph.D. (Harvard) economist, is a millionaire with access to the upper echelons of the Democratic party. Very likely, he is a donor also. Regretfully, the silver-spoon economist is for austerity, the ill effects of which he does not have to endure as a powerful millionaire, with the millions inherited from his father.

Based on the source of Furman’s millions, it is likely he benefited from Trump’s tax cut.

Jason Furman is definitely not a champion of the non-rich person. Yet, despite this background, newspapers cite (and write about) him as if he is disinterested. This is galling.

In the quote below, he declares food stamp and other government programs as a success. However, the same information showed the natural result of capitalism–it does not do anything for those who do not own capital goods or property. Furman merely notes (he does not care–his father owned shopping centers) this and leaves the solution to other people. Sad.

Author: John Baer

At an event late last month in Washington, Furman displayed a chart showing how food stamps and other social programs had lowered poverty dramatically over the past half century. This was a big success, he said.

But the graph also showed that the economy itself had done nothing for the poor: Only government dollars had. Here he stressed that the economy needs to work better, so people can enjoy higher incomes without relying on the government’s assistance.

“When a few of you are here 50 years from now to talk about the 100th anniversary of the War on Poverty, if they show a graph that looks a lot like that,” Furman told the crowd, “. . . we will have really failed as an economy and as a society.”

Zachary A. Goldfarb, The Washington Post

Previous posts with Jason Furman