Insights into the Evolving Role of Economists in U.S. Policy
Following World War II, President Harry S. Truman enacted the Employment Act of 1946, establishing the White House Council of Economic Advisers (CEA) to provide economic counsel to the president. However, Truman was hesitant to appoint economists to the council, opting instead for business figures. Despite their presence in policy discussions during the 1940s and 1950s, economists struggled for recognition, often overshadowed by legal and business experts. With a significant increase in government-employed economists throughout the late 20th century, their influence peaked, yet recent shifts have seen a decline in their stature within political circles. Notably, current policymakers, such as Federal Reserve Chair Jerome Powell and members of the Biden administration, frequently come from outside the economic discipline, suggesting a returning trend towards non-economists in pivotal roles. Read more.
Changes in Ownership for Budget Hotel Chain Motel 6
Motel 6, an established budget motel chain, announced its acquisition by Oyo, an Indian based travel firm, for $525 million. Blackstone, the current owner, stated the deal will also cover the sale of its extended-stay Studio 6 brand and is projected to finalize by year-end. Oyo’s CEO highlighted the acquisition as a pivotal step for expanding their international reach in the U.S. hotel market, particularly as the industry recovers from pandemic effects and faces challenges like reduced occupancy rates. As the hotel landscape shifts, industry analysts are questioning whether Oyo will maintain the Motel 6 brand identity or transition to a new name over time. Read more.
