Larry Summers Thinks He Might Lose Too Much Weight After All

Larry Summers Thinks He Might Lose Too Much Weight After All

In 2009, when the Obama White House was busy charting a course for an economy that had just suffered the biggest hit since the Great Depression, Larry Summers famously joked that fretting about spending too much on the recovery was akin to worrying that he might lose too much weight. Regardless of the measures taken, "there’s not much danger I’ll become anorexic," Summers said. As it turned out, the fiscal stimulus package -- which sported a price tag of roughly $800 billion -- wasn't enou
Subscribe or log in to read the rest of this content.

10 thoughts on “Larry Summers Thinks He Might Lose Too Much Weight After All

  1. It was a big disappointment when I heard he was going to have a role in the Obama administration. More recently, it was a big relief when I heard he was not going to join the Biden administration.

    He is an embodiment of what some in the media might call an out-of-touch elitist. Super intelligent person. The policy ideas and recommendations he advocates for are are stale. Less soap box for Larry.

    1. That goes for a few more of the old white guys who are wedded to old disproven ideas. Stephanie Kelton should be part of the new administration, not ‘old Larry’. He had his chance to be wrong and succeed, now’s the time for Biden to not act his age, race and gender and confine these old farts to the proverbial dustbin of history.

  2. Well I did not see the whole “Larry” comment so I will reserve judgement. However, a case could be made to make the aid more focused. In other words, more generousity to the unemployed – longer coverage/larger checks- maybe instead of 300 extra make it $500- I saw a study saying on average the $600 extra replaced 108% of average income, so 500 might be the right number but for much longer (9-12 more months). And if you want to cut checks to many make the income cut off a lot lower- like a phase out at 35k for singles and 75k for families. Maybe you want to also focus on non-eviction as well and providing money for this purpose. I think NYS has this program now. Maybe roll out something nationally. And of course either subsidize/backstop heavily a bonding authority for the Fed to buy 50 year 0% coupon bonds from each state/ state bond bank based on some formula- it could even be forgiven 50 years from now. Or even better, appropriate something like 250 billion for states and localities. Perhaps also think about providing direct aid to food banks too. I could buy Larry Summers’s argument if other more targeted measures were taken.

    1. Forgive student debt. I don’t think we appreciate how far down we’ve pushed the generation who are going to have to live with the mess the wealthy power brokers have made. Our problems, even much of the Covid beat down, are self-inflicted.

  3. A lot of people still touch their normal salary, those do not need 600 dollars, but those who have lost their jobs and thus their income need a lot more, as do the states.

  4. “Fiscal-monetary partnership ensures that a matching total of the relief money will wind up in the hands of the 1%”

    That’s not correct.

    The whole point of overt fiscal-monetary partnerships (where that means cutting out the primary dealer middlemen), is to break that chain.

    And for God’s sake stop quoting Jurassic Park. It’s a children’s movie.

  5. Oh, ok. I get it. You ask a question, and then when I answer it, you claim you weren’t really asking the question.

    “Has anyone other than me even considered cherry-flavored Coke?!”

    “Yes, you can buy it at the store. It’s been around for decades. It’s called ‘Cherry Coke’.”

    “I wasn’t serious. I knew there was Cherry Coke.”

Comments are closed.