Barack Obama had a nickname for the highly credentialed economists who surrounded him during his first term. He called them "propeller heads." It was his way of joshing—and asserting superiority over—figures such as Larry Summers, Peter Orszag, Austan Goolsbee, Jason Furman, and other wonks with impeccable CVs and intimidating confidence in their own opinions. The label reduced these résumé gods to propeller-beanie geeks. Like most Obama statements, it was also a self-flattering way for the president to demonstrate the value he places on intellection, data, and expert knowledge. He and his fellow progressives love the idea that reason, logic, and science legitimize the power they wield through law and bureaucratic diktat.