Peter R. Orszag
Encyclopedia
Peter Richard Orszag (ˈɔrzæɡ; born December 16, 1968) is an American economist
who is a Vice Chairman of Global Banking at Citigroup
. He is also a columnist at Bloomberg View
and an adjunct senior fellow at the Council on Foreign Relations
. Before joining Citigroup, he was a Distinguished Visiting Fellow at the Council on Foreign Relations
and a contributing columnist for the New York Times Op-Ed page. Prior to that, he was the 37th Director of the Office of Management and Budget under President Barack Obama
.
Orszag grew up in Lexington, Massachusetts
. After graduating from Phillips Exeter Academy
with high honors (1987), he earned an A.B.
summa cum laude in economics
from Princeton University
in 1991, and a M.Sc. (1992) and a Ph.D.
(1997) in economics from the London School of Economics
. He was a Marshall Scholar 1991–1992, and is a member of Phi Beta Kappa. He is also a member of the Institute of Medicine
of the National Academies of Science, and serves on the Boards of Directors of Mt. Sinai Medical Center in New York, the Partnership for Public Service in Washington, and ideas42 in Cambridge.
Economists Alan Blinder
(who taught him at Princeton) and Joseph Stiglitz were his mentor
s early in life, and later Robert Rubin
.
He runs marathon
s and enjoys country music
.
Orszag was first married in 1997 to Cameron Hamill, an assistant at the Treasury Department, with whom he had two children. They later divorced. In 2010, he became engaged to Bianna Golodryga
, co-host of ABC's Weekend Good Morning America. Shortly after becoming engaged, he and a former partner, Claire Milonas, released a joint statement to the press, stating that they had been in a relationship up until the spring of 2009, and that in November of that year, Milonas had given birth to Orszag's third child.
, where he directed The Hamilton Project and (in conjunction with Georgetown University's Public Policy Institute
) the Pew Charitable Trust's Retirement Security Project.
He served as Special Assistant to the President for Economic Policy (1997–1998), and as Senior Economist and Senior Adviser on the Council of Economic Advisers
(1995–1996) during the Clinton administration. He also formed a consulting group called Sebago Associates, which merged into Competition Policy Associates and was bought by FTI Consulting Inc. for a reported $70 million.
After leaving the Obama administration, Orszag took a job with Citigroup
He is also an invitee of the Bilderberg Group
and attended the Swiss 2011 Bilderberg conference at the Suvretta House in St. Moritz
, Switzerland
.
from January 2007 to November 2008. During his tenure, he repeatedly drew attention to the role rising health care expenditures are likely to play in the government's long-term fiscal problems—and, by extension, the nation's long-term economic problems. "I have not viewed CBO's job as just to passively evaluate what Congress proposes, but rather to be an analytical resource. And part of that is to highlight things that are true and that people may not want to hear, including that we need to address health-care costs." During his time at the CBO, he added 20 full-time health analysts (bringing the total number to 50), thereby strengthening the CBO's analytical capabilities and preparing Congress for health-care reform.
He was widely praised for his time at CBO for preparing the agency for the debates to come. When he stepped down, National Journal noted that "Orszag, who will turn 40 on Dec. 16, has been praised by lawmakers from both parties as an objective analyst with deep knowledge of the most pressing fiscal issues of the day, including health care policy, Social Security, pensions, and global climate change. He is the unusual economist who blends an understanding of politics, policy and communications in ways that wrap zesty quotes around complex ideas."
On November 25, 2008, President-elect Barack Obama
announced that Orszag would be his nominee for director of the Office of Management and Budget, the arm of the White House responsible for crafting the federal budget and overseeing the effectiveness of federal programs.
Orszag, in a November 2009 speech in New York, said that deficits, expected to add $9 trillion to the current national debt of $12 trillion over the next decade, are "serious and ultimately unsustainable." He said that deficit spending was necessary to help boost the economy when unemployment is hovering around 10 percent. But he said that red ink must be stopped as the economy recovers. During a recovery, private investment will again pick up and compete with the federal government for capital.
In June 2010 the White House wants non-security federal agencies to list wasteful programs and produce budgets for fiscal year 2012 that cut spending by 5 percent. “It’s the beginning of the process, not the end,” he said. Orszag has stressed that the search for more spending reductions would focus on under-performing programs and that some agencies could see increases in spending. Paul Ryan
(R-Wis.), House Budget Committee Republican, said he’s “hopeful” federal agencies will heed Orszag’s call to cut spending but added that the proposed reforms didn’t go far enough. “I welcome any and all efforts that recognize the urgent need to get Washington’s fiscal house in order," Ryan said in a statement.
In July 2010 Orszag said that “The problem now is weak growth and high unemployment rather than outright economic collapse,”. Still, the deficit would be equivalent to 10 percent of the gross domestic product
, the highest level since World War II. The Office of Management and Budget’s mid-session review, forecast a smaller deficit and stronger economic growth than the administration’s initial budget release. The deficit forecast in 2011 increased to $1.42 trillion, up from the $1.27 estimate in February. For 2012, the deficit estimate rose to $922 billion, up from $828 billion in the previous report. The annual budget shortfall would bottom out in 2017 at $721 billion, or 3.4 percent of GDP, and begin rising again in following years.
A review of Orszag's daily schedules shows his sustained focus on healthcare reform as soon as he joined Obama’s Cabinet
. The daily schedules for Orszag, who left his position as Office of Management and Budget director in August, reveal that he and key White House aides regularly met to discuss healthcare starting in January 2009, within days of Obama entering office. Orszag also had meetings with insurance executives and health experts as the White House made health reform its top legislative priority after enacting the $814 billion stimulus.
Orszag has also been writing a twice-a-month column for Bloomberg View. His early columns covered topics such as consumer-directed health care, political polarization, and growing gaps in life expectancy.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
who is a Vice Chairman of Global Banking at Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
. He is also a columnist at Bloomberg View
and an adjunct senior fellow at the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
. Before joining Citigroup, he was a Distinguished Visiting Fellow at the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
and a contributing columnist for the New York Times Op-Ed page. Prior to that, he was the 37th Director of the Office of Management and Budget under President Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
.
Biography
Other biographies of Orszag are posted on the Congressional Budget Office website and the Council on Foreign Relations website.Orszag grew up in Lexington, Massachusetts
Lexington, Massachusetts
Lexington is a town in Middlesex County, Massachusetts, United States. The population was 31,399 at the 2010 census. This town is famous for being the site of the first shot of the American Revolution, in the Battle of Lexington on April 19, 1775.- History :...
. After graduating from Phillips Exeter Academy
Phillips Exeter Academy
Phillips Exeter Academy is a private secondary school located in Exeter, New Hampshire, in the United States.Exeter is noted for its application of Harkness education, a system based on a conference format of teacher and student interaction, similar to the Socratic method of learning through asking...
with high honors (1987), he earned an A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
summa cum laude in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
from Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
in 1991, and a M.Sc. (1992) and a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
(1997) in economics from the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
. He was a Marshall Scholar 1991–1992, and is a member of Phi Beta Kappa. He is also a member of the Institute of Medicine
Institute of Medicine
The Institute of Medicine is a not-for-profit, non-governmental American organization founded in 1970, under the congressional charter of the National Academy of Sciences...
of the National Academies of Science, and serves on the Boards of Directors of Mt. Sinai Medical Center in New York, the Partnership for Public Service in Washington, and ideas42 in Cambridge.
Economists Alan Blinder
Alan Blinder
Alan Stuart Blinder is an American economist. He serves at Princeton University as the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs in the Economics Department, Vice Chairman of The Observatory Group, and as co-director of Princeton’s Center for Economic Policy Studies,...
(who taught him at Princeton) and Joseph Stiglitz were his mentor
Mentor
In Greek mythology, Mentor was the son of Alcimus or Anchialus. In his old age Mentor was a friend of Odysseus who placed Mentor and Odysseus' foster-brother Eumaeus in charge of his son Telemachus, and of Odysseus' palace, when Odysseus left for the Trojan War.When Athena visited Telemachus she...
s early in life, and later Robert Rubin
Robert Rubin
Robert Edward Rubin served as the 70th United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs eventually serving as a member of the Board, and Co-Chairman from 1990-1992...
.
He runs marathon
Marathon
The marathon is a long-distance running event with an official distance of 42.195 kilometres , that is usually run as a road race...
s and enjoys country music
Country music
Country music is a popular American musical style that began in the rural Southern United States in the 1920s. It takes its roots from Western cowboy and folk music...
.
Orszag was first married in 1997 to Cameron Hamill, an assistant at the Treasury Department, with whom he had two children. They later divorced. In 2010, he became engaged to Bianna Golodryga
Bianna Golodryga
Bianna Golodryga is an American television journalist and co-anchor of the weekend edition of Good Morning America. Her family moved to Houston, Texas when she was about two years old....
, co-host of ABC's Weekend Good Morning America. Shortly after becoming engaged, he and a former partner, Claire Milonas, released a joint statement to the press, stating that they had been in a relationship up until the spring of 2009, and that in November of that year, Milonas had given birth to Orszag's third child.
Career
Orszag was a senior fellow and Deputy Director of Economic Studies at the Brookings InstitutionBrookings Institution
The Brookings Institution is a nonprofit public policy organization based in Washington, D.C., in the United States. One of Washington's oldest think tanks, Brookings conducts research and education in the social sciences, primarily in economics, metropolitan policy, governance, foreign policy, and...
, where he directed The Hamilton Project and (in conjunction with Georgetown University's Public Policy Institute
Georgetown Public Policy Institute
Georgetown Public Policy Institute is a leading public policy program affiliated with Georgetown University in Washington, D.C.. GPPI offers master's degrees in public policy and policy management as well as administers several professional certificate programs and boasts five affiliated research...
) the Pew Charitable Trust's Retirement Security Project.
He served as Special Assistant to the President for Economic Policy (1997–1998), and as Senior Economist and Senior Adviser on the Council of Economic Advisers
Council of Economic Advisers
The Council of Economic Advisers is an agency within the Executive Office of the President that advises the President of the United States on economic policy...
(1995–1996) during the Clinton administration. He also formed a consulting group called Sebago Associates, which merged into Competition Policy Associates and was bought by FTI Consulting Inc. for a reported $70 million.
After leaving the Obama administration, Orszag took a job with Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
He is also an invitee of the Bilderberg Group
Bilderberg Group
The Bilderberg Group, Bilderberg conference, or Bilderberg Club is an annual, unofficial, invitation-only conference of approximately 120 to 140 guests from North America and Western Europe, most of whom are people of influence. About one-third are from government and politics, and two-thirds from...
and attended the Swiss 2011 Bilderberg conference at the Suvretta House in St. Moritz
St. Moritz
St. Moritz is a resort town in the Engadine valley in Switzerland. It is a municipality in the district of Maloja in the Swiss canton of Graubünden...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
.
Congressional Budget Office
Orszag was director of the Congressional Budget OfficeCongressional Budget Office
The Congressional Budget Office is a federal agency within the legislative branch of the United States government that provides economic data to Congress....
from January 2007 to November 2008. During his tenure, he repeatedly drew attention to the role rising health care expenditures are likely to play in the government's long-term fiscal problems—and, by extension, the nation's long-term economic problems. "I have not viewed CBO's job as just to passively evaluate what Congress proposes, but rather to be an analytical resource. And part of that is to highlight things that are true and that people may not want to hear, including that we need to address health-care costs." During his time at the CBO, he added 20 full-time health analysts (bringing the total number to 50), thereby strengthening the CBO's analytical capabilities and preparing Congress for health-care reform.
He was widely praised for his time at CBO for preparing the agency for the debates to come. When he stepped down, National Journal noted that "Orszag, who will turn 40 on Dec. 16, has been praised by lawmakers from both parties as an objective analyst with deep knowledge of the most pressing fiscal issues of the day, including health care policy, Social Security, pensions, and global climate change. He is the unusual economist who blends an understanding of politics, policy and communications in ways that wrap zesty quotes around complex ideas."
Office of Management and Budget
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
announced that Orszag would be his nominee for director of the Office of Management and Budget, the arm of the White House responsible for crafting the federal budget and overseeing the effectiveness of federal programs.
Orszag, in a November 2009 speech in New York, said that deficits, expected to add $9 trillion to the current national debt of $12 trillion over the next decade, are "serious and ultimately unsustainable." He said that deficit spending was necessary to help boost the economy when unemployment is hovering around 10 percent. But he said that red ink must be stopped as the economy recovers. During a recovery, private investment will again pick up and compete with the federal government for capital.
In June 2010 the White House wants non-security federal agencies to list wasteful programs and produce budgets for fiscal year 2012 that cut spending by 5 percent. “It’s the beginning of the process, not the end,” he said. Orszag has stressed that the search for more spending reductions would focus on under-performing programs and that some agencies could see increases in spending. Paul Ryan
Paul Ryan (politician)
Paul Davis Ryan is the U.S. Representative for , serving since 1999. He is a member of the Republican Party and has been ranked among the party's most influential voices on economic policy....
(R-Wis.), House Budget Committee Republican, said he’s “hopeful” federal agencies will heed Orszag’s call to cut spending but added that the proposed reforms didn’t go far enough. “I welcome any and all efforts that recognize the urgent need to get Washington’s fiscal house in order," Ryan said in a statement.
In July 2010 Orszag said that “The problem now is weak growth and high unemployment rather than outright economic collapse,”. Still, the deficit would be equivalent to 10 percent of the gross domestic product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
, the highest level since World War II. The Office of Management and Budget’s mid-session review, forecast a smaller deficit and stronger economic growth than the administration’s initial budget release. The deficit forecast in 2011 increased to $1.42 trillion, up from the $1.27 estimate in February. For 2012, the deficit estimate rose to $922 billion, up from $828 billion in the previous report. The annual budget shortfall would bottom out in 2017 at $721 billion, or 3.4 percent of GDP, and begin rising again in following years.
A review of Orszag's daily schedules shows his sustained focus on healthcare reform as soon as he joined Obama’s Cabinet
United States Cabinet
The Cabinet of the United States is composed of the most senior appointed officers of the executive branch of the federal government of the United States, which are generally the heads of the federal executive departments...
. The daily schedules for Orszag, who left his position as Office of Management and Budget director in August, reveal that he and key White House aides regularly met to discuss healthcare starting in January 2009, within days of Obama entering office. Orszag also had meetings with insurance executives and health experts as the White House made health reform its top legislative priority after enacting the $814 billion stimulus.
Citigroup and Bloomberg
Since January 2011, Orszag has been Vice Chairman of Global Banking at Citigroup. According to New York Magazine, "for an ambitious economist like Peter Orszag, going to work for Citigroup represented a choice. As a young staffer working in the Clinton White House, he saw laid before him two different paths: Stiglitzism and Rubinism. There were both intellectual and career-arc components to these. While both are liberal Democrats, Rubin was the consummate insider, whose philosophy was that the free markets, balanced budgets, and limited regulation would create a rising tide that would lift all boats (or at least make Wall Street not complain too much about Clinton’s social programs). Stiglitz, the public intellectual, is as concerned with the boats as with the tide. Orszag certainly had a lot in common with Stiglitz’s academic mien, having grown up in an intensely intellectual family in Lexington, Massachusetts, outside Boston. His father is a celebrated Yale math professor. But Orszag possessed an ambition that would take him beyond the ivory tower. He ultimately chose Rubinism. It makes perfect sense that Orszag would have been drawn toward Rubin. It must have been incredibly seductive seeing this world, watching the Rubin wing of the Democratic Party move so easily from government to Wall Street boardrooms to the table with Charlie Rose."Orszag has also been writing a twice-a-month column for Bloomberg View. His early columns covered topics such as consumer-directed health care, political polarization, and growing gaps in life expectancy.
External links
- Curriculum Vitae at CBO
- OMB leadership biographies
- Article in the New Yorker, May 4, 2009
- Peter Orszag articles and columns on Bloomberg Press