Monday, November 9, 2009

Larry Summers classic FAIL

Thanks to a tip from Miracle Max:
I think we got the Recovery Act right," Larry Summers, the president's chief economic adviser, said in an interview. "The primary objective of our policy is having more work done, more product produced and more people earning more income. It may be desirable to have a given amount of work shared among more people. But that's not as desirable as expanding the total amount of work.
See the Alec MacGillis article, "Why won't Obama give you a job?" What was that old saying about a bird in the hand?

4 comments:

Anonymous said...

So what are you saying? Is Summers now to be considered a partial convert? Is this a statement of his desperation and lack of ideas?

Anonymous said...

No need to answer. I just finished reading it.

No. No. And, hell yes.

Anonymous said...

You're not going to want to hear this but, this is the NSC-68 imperative in operation. Washington must address the issue of unemployment through the creation of the demand for work, not through sharing existing work.

Without it, tax revenues fall, the debt become harder to service, and the goal of increasing military spending each year by 8 percent cannot be maintained.

http://www.openleft.com/showDiary.do?diaryId=11310

Walker said...

You're not going to want to hear this...

See next item.