Academia was not the engine that created 21st Century America -- it was a passenger riding free in the caboose. The salaries and other perks available to members of the professorate are paid with funds resulting from the sweat and grit of ordinary Americans whom the academics routinely demean as being beneath their notice, except when they are reaching for their paychecks or grants.
It is not surprising that former academic Barack Obama should turn to the groves of academia to find appointees to key government jobs. It's where he hails from; it's where he was comfortable, free of the cares and competitions of a dog-eat-dog economy.
I don't have anything against Professor Krueger. As far as I know he is fully qualified for his new job. It's the job itself that bothers me; the marriage of government and the professional economics community that makes me uncomfortable. The two are not compactible, one being devoted to the commonweal, the other to more esoteric pursuits.
I guess that's what you end up with when you elect an academic with no real-life experiences in the world of cash and carry, where the majority of us live.