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Peter Richard Orszag (born December 16, 1968) is an American economist who is currently the 37th Director of the Office of Management and Budget under President Barack Obama. He was Director of the Congressional Budget Office when nominated.

Biography

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.

Economists Alan Blinder (who taught him at Princeton) and Joseph Stiglitz were his mentors early in life, and later Robert Rubin.

He currently lives in Washington, D.C. He runs marathons and enjoys country music.

In 1997, he married Cameron Hamill, , stepdaughter of Donald Kennedy, former President of Stanford University, with whom he had two children. They have since been divorced. He recently had a daughter with an ex-girlfriend, Claire Milonas, a Greek shipping heiress. As of January 2010, he is engaged to ABC News reporter Bianna Golodryga with a planned wedding in October.

During his testimony before the House Budget Committee in March 2009 he said "there ain't no right way to do the wrong thing", which is a lyric from "Ain't No Right Way" off of Toby Keith's White Trash with Money.

Career

Orszag was a senior fellow and Deputy Director of Economic Studies at the Brookings Institution, 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. He was a consultant for McKinsey & Company on an HMO project in San Francisco, California.

He co-authored a paper titled "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" with Nobel Prize winning economist Joseph Stiglitz in 2002 in which they inferred that "on the basis of historical experience, the risk to the government from a potential default on GSE debt is effectively zero." However, they did correctly note there that "the risk-based capital standard, while based on a hypothetical economic shock significantly more severe than anything that the economy has actually experienced over the past forty years, may fail to reflect the probability of another Great Depression-like scenario."

Orszag was director of the Congressional Budget Office 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.

Office of Management and Budget

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. At 41, he is the youngest member of the Obama Cabinet.

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.

Orszag criticized "loosey goosey" criticisms of the Democratic health care bill's ability to contain costs. "The folks who have done that kind of reporting come to a much different conclusion instead of a kind of 'loosey goosey, let's talk about things in the air instead of what's in the legislation", Orszag said. He touted the praise for the bill from health economists in academia, a former Congressional Budget Office director and economists who worked in President George W. Bush's administration. The health experts were all cited in recent stories by The Atlantic's Ron Brownstein and the Times' David Leonhardt.

Bibliography

• Orszag, Peter (July 9, 2008). "Climate Change Economics". Washington Post. p. A15. Retrieved 2009-04-05.
• Orszag, Peter, et al. American Economic Policy in the 1990s (MIT Press: 2002)
• Orszag, Peter, et al. Protecting the American Homeland: A Preliminary Analysis (Brookings Institution Press: 2002)
• Orszag, Peter, et al. Saving Social Security: A Balanced Approach (Brookings Institution Press: 2004)
• Orszag, Peter, et al. Protecting the Homeland 2006/7 (Brookings Institution Press: 2006)
• Orszag, Peter, et al. Aging Gracefully: Ideas to Improve Retirement Security in America (Century Foundation Press: 2006)
• Orszag, Peter. 1999. Administrative Costs in Individual Accounts in the United Kingdom. Washington, DC: Center on Budget and Policy Priorities
• "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" (March).Fannie Mae Papers 1, no. 2 (March 2002)
• Orszag, Peter R. (October 1, 2008). "CBO's Analysis of Dodd Substitute Amendment for H.R. 1424" (PDF). Congressional Budget Office. p. 2. Retrieved 2008-10-03.
• Orszag, Peter and Joseph E. Stiglitz. "Rethinking Pension Reform: Ten Myths about Social Security Systems." In Robert Holzman and Joseph Stiglitz, eds., New Ideas about Old Age Security. (The World Bank: 2001).
• Orszag, Peter, J. Michael Orszag. "The Benefits of Flexible Funding: Implications for Pension Reform in an Uncertain World." In Annual Bank Conference on Development Economics. (The World Bank: 2001).

References

1. Kantor, Jodi (2009-03-28). "Obama's Man on the Budget - Just 40 and Going Like 60". New York Times. Retrieved 2009-06-15.
2. Created by David Wallechinsky. "AllGov - Officials - Orszag, Peter". Retrieved 2008-11-26. {{cite web}}: Cite has empty unknown parameters: |month= and |coauthors= (help)
3. ^ Connolly, Ceci (26 November 2008). "Orszag Will Be Director of OMB: Position Expected to Have Broader Role". The Washington Post. p. A3. Retrieved 2008-11-27.
4. Calmes, Jackie (November 18, 2008). "The New Team: Peter R. Orszag". The New York Times. Retrieved 2008-11-25.
5. "WEDDINGS: Cameron Hamill and Peter Orszag". New York Times. 1997-08-31. Retrieved 2010-01-09.
6. Mark Leibovich (2010-01-10). "If Peter Orszag Is So Smart, What Will He Do Now?". New York Times. Retrieved 2010-01-09. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
7. "Peter Orszag, just engaged, acknowledges new baby with ex-girlfriend Claire Milonas". Washington Post. 2010-01-06. Retrieved 2010-01-09. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
8. Tapper, Jake (March 4, 2009). "Attention Orszag Groupies". Political Punch (blog). ABC News. Retrieved 2009-04-18.
9. "Implications of the New Fannie Mae and Freddie Mac Risk-Based Capital Standard" (PDF). Fannie Mae. Retrieved 2010-02-10.
10. ^ Klein, Ezra (January 14, 2009). "The Number-Cruncher-in-Chief". The American Prospect. Retrieved January 14, 2009.
11. Eggen, Dan (November 26, 2008). "Obama Offers Recovery Proposals: He Announces Two More Officials On Economic Team". Washington Post. p. A03. Retrieved 2009-04-18. Obama named Peter R. Orszag as 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. {{cite news}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
12. Orszag, Peter R. "Life is a series of hellos and goodbyes: A final blog entry". Director’s Blog » Blog Archive ». Congressional Budget Office. Retrieved 2009-04-18.{{cite web}}: CS1 maint: extra punctuation (link)

External links

• Curriculum Vitae at CBO
• OMB leadership biographies
• Article in the New Yorker

v t e Directors of the United States Office of Management and Budget
Charles G. Dawes Herbert Lord Clawson Roop Lewis W. Douglas Daniel W. Bell Harold Smith James Webb Frank Pace Frederick Lawton Joseph Dodge Rowland Hughes Percival Brundage Maurice Stans David E. Bell Kermit Gordon Charles Schultze Charles Zwick Robert P. Mayo George Shultz Caspar Weinberger Roy Ash James Thomas Lynn Lance James T. McIntyre David Stockman James Miller Jon Wright Richard Darman Leon Panetta Alice Rivlin Franklin Raines Jack Lew Mitch Daniels Joshua Bolten Rob Portman Jim Nussle Peter R. Orszag Jack Lew Sylvia Mathews Burwell Shaun Donovan Mick Mulvaney Russell Vought Shalanda Young

v t e Obama administration personnel
v t e Cabinet and cabinet-level Office Name Term Office Name Term Secretary of State John Kerry 2013–2017 Secretary of Treasury Jack Lew 2013–2017 Secretary of Defense Ashton Carter 2015–2017 Attorney General Loretta Lynch 2015–2017 Secretary of the Interior Sally Jewell 2013–2017 Secretary of Agriculture Tom Vilsack 2009–2017 Secretary of Commerce Penny Pritzker 2013–2017 Secretary of Labor Thomas Perez 2013–2017 Secretary of Health and   Human Services Sylvia Mathews Burwell 2014–2017 Secretary of Education Secretary of Transportation John King Jr. Anthony Foxx 2016–2017 2013–2017 Secretary of Housing and Urban   Development Julian Castro 2014–2017 Secretary of Veterans Affairs Robert A. McDonald 2014–2017 Secretary of Energy Ernest Moniz 2013–2017 Secretary of Homeland Security Jeh Johnson 2013–2017 Vice President Joe Biden 2009–2017 White House Chief of Staff Denis McDonough 2013–2017 Director of the Office of Management and   Budget Shaun Donovan 2014–2017 Administrator of the Environmental   Protection Agency Gina McCarthy 2013–2017 Ambassador to the United Nations Samantha Power 2013–2017 Chair of the Council of Economic   Advisers Jason Furman 2013–2017 Trade Representative Michael Froman 2013–2017 Administrator of the Small Business Administration Maria Contreras-Sweet 2014–2017 Below solid line: Granted Cabinet rank although not automatically part of the Cabinet. See also: Confirmations of Barack Obama's Cabinet
v t e Executive Office of the President Office Name Term Office Name Term White House Chief of Staff Rahm Emanuel 2009–10 National Security Advisor James L. Jones 2009–10 Pete Rouse 2010–11 Thomas E. Donilon 2010–13 William M. Daley 2011–12 Susan Rice 2013–17 Jack Lew 2012–13 Deputy National Security Advisor Thomas E. Donilon 2009–10 Denis McDonough 2013–17 Denis McDonough 2010–13 White House Deputy Chief of Staff for Policy Mona Sutphen 2009–11 Antony Blinken 2013–14 Nancy-Ann DeParle 2011–13 Avril Haines 2015–17 Rob Nabors 2013–15 Dep. National Security Advisor, Homeland Security John O. Brennan 2009–13 White House Deputy Chief of Staff for Operations Jim Messina 2009–11 Lisa Monaco 2013–17 Alyssa Mastromonaco 2011–14 Dep. National Security Advisor, Iraq and Afghanistan Douglas Lute† 2009–13 Anita Decker Breckenridge 2014–17 Dep. National Security Advisor, Strategic Comm. Ben Rhodes 2009–17 White House Deputy Chief of Staff for Planning Mark B. Childress 2012–14 Dep. National Security Advisor, Chief of Staff Mark Lippert 2009 Kristie Canegallo 2014–17 Denis McDonough 2009–10 Counselor to the President Pete Rouse 2011–13 Brooke D. Anderson 2011–12 John Podesta 2014–15 White House Communications Director Ellen Moran 2009 Senior Advisor to the President David Axelrod 2009–11 Anita Dunn 2009 David Plouffe 2011–13 Daniel Pfeiffer 2009–13 Daniel Pfeiffer 2013–15 Jennifer Palmieri 2013–15 Shailagh Murray 2015–17 Jen Psaki 2015–17 Senior Advisor to the President Pete Rouse 2009–10 Deputy White House Communications Director Jen Psaki 2009–11 Brian Deese 2015–17 Jennifer Palmieri 2011–14 Senior Advisor to the President and Valerie Jarrett 2009–17 Amy Brundage 2014–16 Assistant to the President for Liz Allen 2016–17 Public Engagement and Intergovernmental Affairs White House Press Secretary Robert Gibbs 2009–11 Director, Public Engagement Tina Tchen 2009–11 Jay Carney 2011–13 Jon Carson 2011–13 Josh Earnest 2013–17 Paulette L. Aniskoff 2013–17 Deputy Press Secretary Bill Burton 2009–11 Director, Intergovernmental Affairs Cecilia Muñoz 2009–12 Josh Earnest 2011–13 David Agnew 2012–14 Eric Schultz 2014–17 Jerry Abramson 2014–17 Director of Special Projects Stephanie Cutter 2010–11 Director, National Economic Council Lawrence Summers 2009–10 Director, Speechwriting Jon Favreau 2009–13 Gene Sperling 2011–14 Cody Keenan 2013–17 Jeff Zients 2014–17 Director, Digital Strategy Macon Phillips 2009–13 Chair, Council of Economic Advisers Christina Romer 2009–10 Chief Digital Officer Jason Goldman 2015–17 Austan Goolsbee 2010–13 Director, Legislative Affairs Phil Schiliro 2009–11 Jason Furman 2013–17 Rob Nabors 2011–13 Chair, Economic Recovery Advisory Board Paul Volcker 2009–11 Katie Beirne Fallon 2013–16 Chair, Council on Jobs and Competitiveness Jeff Immelt 2011–13 Miguel Rodriguez 2016 Director, Domestic Policy Council Melody Barnes 2009–12 Amy Rosenbaum 2016–17 Cecilia Muñoz 2012–17 Director, Political Affairs Patrick Gaspard 2009–11 Director, Office of Faith-Based and Neighborhood Partnerships Joshua DuBois 2009–13 David Simas 2011–16 Melissa Rogers 2013–17 Director, Presidential Personnel Nancy Hogan 2009–13 Director, Office of Health Reform Nancy-Ann DeParle 2009–11 Johnathan D. McBride 2013–14 Director, Office of National AIDS Policy Jeffrey Crowley 2009–11 Valerie E. Green 2014–15 Grant N. Colfax 2011–13 Rodin A. Mehrbani 2016–17 Douglas M. Brooks 2013–17 White House Staff Secretary Lisa Brown 2009–11 Director, Office of Urban Affairs Adolfo Carrión Jr. 2009–10 Rajesh De 2011–12 Racquel S. Russell 2010–14 Douglas Kramer 2012–13 Roy Austin Jr. 2014–17 Joani Walsh 2014–17 Director, Office of Energy and Climate Change Policy Carol Browner 2009–11 Director, Management and Administration Bradley J. Kiley 2009–11 White House Counsel Greg Craig 2009–10 Katy A. Kale 2011–15 Bob Bauer 2010–11 Maju Varghese 2015–17 Kathryn Ruemmler 2011–14 Director, Scheduling and Advance Alyssa Mastromonaco 2009–11 Neil Eggleston 2014–17 Danielle Crutchfield 2011–14 White House Cabinet Secretary Chris Lu 2009–13 Chase Cushman 2014–17 Danielle C. Gray 2013–14 Director, White House Information Technology David Recordon 2015–17 Broderick D. Johnson 2014–17 Director, Office of Administration Cameron Moody 2009–11 Personal Aide to the President Reggie Love 2009–11 Beth Jones 2011–15 Brian Mosteller 2011–12 Cathy Solomon 2015–17 Marvin D. Nicholson 2012–17 Director, Office of Science and Technology Policy John Holdren 2009–17 Director, Oval Office Operations Brian Mosteller 2012–17 Chief Technology Officer Aneesh Chopra 2009–12 Personal Secretary to the President Katie Johnson 2009–11 Todd Park 2012–14 Anita Decker Breckenridge 2011–14 Megan Smith 2014–17 Ferial Govashiri 2014–17 Director, Office of Management and Budget Peter R. Orszag 2009–10 Chief of Staff to the First Lady Jackie Norris 2009 Jack Lew 2010–12 Susan Sher 2009–11 Jeff Zients 2012–13 Tina Tchen 2011–17 Sylvia Mathews Burwell 2013–14 White House Social Secretary Desirée Rogers 2009–10 Brian Deese 2014 Julianna Smoot 2010–11 Shaun Donovan 2014–17 Jeremy Bernard 2011–15 Chief Information Officer Vivek Kundra 2009–11 Deesha Dyer 2015–17 Steven VanRoekel 2011–14 Chief of Staff to the Vice President Ron Klain 2009–11 Tony Scott 2015–17 Bruce Reed 2011–13 United States Trade Representative Ron Kirk 2009–13 Steve Ricchetti 2013–17 Michael Froman 2013–17 White House Chief Usher Stephen W. Rochon† 2009–11 Director, Office of National Drug Control Policy Gil Kerlikowske 2009–14 Angella Reid 2011–17 Michael Botticelli 2014–17 Director, White House Military Office George Mulligan 2009–13 Chair, Council on Environmental Quality Nancy Sutley 2009–14 Emmett Beliveau 2013–15 Michael Boots 2014–15 Dabney Kern 2016–17 Christy Goldfuss 2015–17 † Remained from previous administration.
v t e Office of the Vice President Position Appointee Chief of Staff to the Vice President Steve Ricchetti Counsel to the Vice President Cynthia Hogan Counselor to the Vice President Mike Donilon Assistant to the Vice President for Intergovernmental Affairs and Public Liaison Evan Ryan Assistant to the Vice President and Director of Communications Shailagh Murray Deputy Chief of Staff to the Vice President Shailagh Murray Deputy National Security Adviser to the Vice President Brian P. McKeon Residence Manager and Social Secretary for the Vice President and Second Lady Carlos Elizondo National Security Adviser to the Vice President Colin Kahl Position Appointee Chief of Staff to the Second Lady Catherine M. Russell Director of Administration for the Office of the Vice President Moises Vela Domestic Policy Adviser to the Vice President Terrell McSweeny Chief Economist and Economic Policy Adviser to the Vice President Jared Bernstein Press Secretary to the Vice President Elizabeth Alexander Deputy Press Secretary to the Vice President Annie Tomasini Director of Legislative Affairs Sudafi Henry Director of Communications for the Second Lady Courtney O’Donnell

v t e Cabinet of President Barack Obama (2009–2017)
Cabinet Vice President Joe Biden (2009–2017) Secretary of State Hillary Clinton (2009–2013) tenure John Kerry (2013–2017) Secretary of the Treasury Timothy Geithner (2009–2013) Jack Lew (2013–2017) Secretary of Defense Robert Gates (2009–2011) Leon Panetta (2011–2013) Chuck Hagel (2013–2015) Ash Carter (2015–2017) Attorney General Eric Holder (2009–2015) Loretta Lynch (2015–2017) Secretary of the Interior Ken Salazar (2009–2013) Sally Jewell (2013–2017) Secretary of Agriculture Tom Vilsack (2009–2017) Secretary of Commerce Gary Locke (2009–2011) John Bryson (2011–2012) Penny Pritzker (2013–2017) Secretary of Labor Hilda Solis (2009–2013) Tom Perez (2013–2017) Secretary of Health and Human Services Kathleen Sebelius (2009–2014) Sylvia Mathews Burwell (2014–2017) Secretary of Housing and Urban Development Shaun Donovan (2009–2014) Julian Castro (2014–2017) Secretary of Transportation Ray LaHood (2009–2013) Anthony Foxx (2013–2017) Secretary of Energy Steven Chu (2009–2013) Ernest Moniz (2013–2017) Secretary of Education Arne Duncan (2009–2016) John King Jr. (2016–2017) Secretary of Veterans Affairs Eric Shinseki (2009–2014) Bob McDonald (2014–2017) Secretary of Homeland Security Janet Napolitano (2009–2013) Jeh Johnson (2013–2017)
Cabinet-level Administrator of the Environmental Protection Agency Lisa P. Jackson (2009–2013) Gina McCarthy (2013–2017) Director of the Office of Management and Budget Peter R. Orszag (2009–2010) Jack Lew (2010–2012) Sylvia Mathews Burwell (2013–2014) Shaun Donovan (2014–2017) Trade Representative Ron Kirk (2009–2013) Michael Froman (2013–2017) Ambassador to the United Nations Susan Rice (2009–2013) Samantha Power (2013–2017) Chair of the Council of Economic Advisers Christina Romer (2009–2010) Austan Goolsbee (2010–2011) Alan Krueger (2011–2013) Jason Furman (2013–2017) Administrator of the Small Business Administration Karen Mills (2012–2013)* Maria Contreras-Sweet (2014–2017) White House Chief of Staff Rahm Emanuel (2009–2010) William M. Daley (2011–2012) Jack Lew (2012–2013) Denis McDonough (2013–2017)
* took office in 2009, raised to cabinet-rank in 2012 See also: Confirmations of Barack Obama's Cabinet

• 1968 births
• Living people
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• Employees of the United States Congress
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• Phillips Exeter Academy alumni
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