Lawrence B. Lindsey is an American economist and author. He was director of the National Economic Council (2001–2002), and the assistant to the president on economic policy for George W. Bush. Lindsey previously served as a member of the Federal Reserve Board of Governors from 1991 to 1997, nominated to position by President George H. W. Bush. During his time with George W. Bush administration he played a leading role in formulating President Bush's $1.35 trillion tax cut plan, convincing candidate Bush that he needed an "insurance policy" against an economic downturn. He left the White House in December 2002 and was replaced by Stephen Friedman after a dispute over the projected cost of the Iraq War. Lindsey estimated the cost of the Iraq War could reach $200 billion, while Defense Secretary Donald Rumsfeld estimated that it would cost less than $50 billion. The overall cost of the Iraq War has been estimated by the Congressional Budget Office to be approximately $2.4 Trillion.
Lawrence Lindsey
National Economic Council (United States)
The National Economic Council (NEC) is the principal forum used by the president of the United States for the consideration of domestic and international economic policy matters with senior policymaking and Cabinet officials, and forms part of the Office of Policy Development which is within the Executive Office of the President of the United States.
Barack Obama meets with William M. Daley, Mark Zuckerman, Gene Sperling, Lael Brainard and Neal S. Wolin, 2011
President George W. Bush meets with his economic advisors on February 25, 2003.
Barack Obama meets with advisors in the Oval Office, Aug. 10, 2012