Sounds like Larry Summers has adopted Rahm Emmanuel's credo "Let's not let a good crisis go to waste."
Meaning that ideology trumps logic, it appears, each and every time.
Stimulatin
g demand by any method other than increasing incomes just doesn't work.
Capital available for investment creates jobs when demand appears. Demand is growing slowly because of a lack of job growth. Job Growth is slow(er) than might be the case if: there were more matches between job openings and skill sets of U.S. Citizen job seekers, and if more demand for labor were present.
And, if the financial institutio
ns quit blackmaili
ng the government to offset their terrifical
ly bad investment decisions, ate their loses, completely
, and were recpaitali
zed or sold to more prudent managers, thereby opening up a significan
t segment of the U.S. economy, the housing market.
Class, can we say, " Mr. Summers, let's reduce spending by government
, thereby freeing up capital for the private sector to invest in jobs. Let's restrucutu
re Health Care into a private sector delivery -of-care model. Let's restrucutu
re Education into a private sector delivery-o
f-knowledg
e and skills model. Let's reduce taxes for everyone by substituin
g User Fees for taxes at every level, so that all participan
ts have"skin in the game." In fact, let's take government out of our lives except for Constituti
onally-der
ived functions.
"
"Class, let's hope that Mr. Summers' is listening.
"
Read the Article at HuffingtonPost
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