Official motto of the White House economic team: Those who can, do. Those who can’t, fantasize in the classroom, fail in Washington and then return to the ivy tower to train the next generation of egghead economic saboteurs. Life is good for left-wing academics. Everyone else pays dearly. Take Austan Goolsbee, please. President Obama’s “fresh-faced” University of Chicago economics professor arrived in Washington in December 2008 to fill two slots: chief economist/staff director of the president’s Economic Recovery Advisory Board and member of the Council of Economic Advisers. In September 2010, he replaced CEA head and fellow academic Christina Romer, who retreated to the University of California at Berkeley last August when unemployment hit 9.5 percent. (She infamously projected that the Obama stimulus would hold the jobless rate below 8 percent.)