Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth

Business and Media Institute ^ | 2/10/10 | Anthony Kang

[198ml]

President Obama continuously tries to portray himself as a friend to the little-man, middle class and small business. Hence his attacks on “fat cats” who “just don’t get it,” while labeling the extravagant bonuses as “obscene,” and “the height of irresponsibility.”

Meanwhile, members of his administration, in defending a sweeping small-business aid program Obama announced in his State of the Union, give reason to wonder if they really understand how to help small business.

Among the administration’s proposals for small businesses are a $5,000 tax credit to hire new workers, elimination of capital gains taxes, and new incentives to invest in plants and equipment. At the same time, however, the administration plans to raise taxes on “the wealthiest Americans.”

[Freedom_Is_Not_Free]

Newsflash: Almost all economists were wrong about the coming crash in housing, in finance, and in in the economy.

Newsflash: Almost all economists were wrong so why believe the lieing dogs now?

[RinaseaofDs]

Lying scumbag.

It is BLACK LETTER ECONOMICS - Higher Taxes is INFLATIONARY, and massively anti-growth.

It is proven. It is fact. There is no dispute, except from the morally bankrupt.

[popdonnelly]

Yeah, and higher taxes also prevent global warming. Folks like Summers believe the public will swallow anything.

[Williford]

“Almost All”

I suppose these are the same economists that keep saying, “but on the other hand.” I guess that “almost all” of them have about 38 sets of hands. These people would lose money running a business selling five dollar bills for $10. Absolutely inept, incompetent, unfit to serve, arrogant, out of touch, (somebody finish this sentence; I don’t have enough words)...

[pabianice]

In related news, smoking helps lung health.

[GailA]

You can’t hire if your business isn’t GROWING!

[Son House]

Economic Illiteracy Quiz:

After what legislation was there the largest spike up in the Real GDP?
a. February 17, 2009: American Recovery and Reinvestment Act = 111th United States Congress
b. October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
c. February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
d. May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress

( Ignore the green forecast, it was wishful thinking)


Failure Qualifies any Participants
to be an Economic Advisor to the White House,
or Replace a current sitting Democrat Congressional member
Correct Answer is: d.
Apply Now

[Grunthor]

“Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth”

I never spent one day in college and I find that statement to be utter bull$^it.

[Son House]

Who is the real Former Federal Reserve Vice Chairman Alan Blinder, Economic Expert #1, or Economic Expert #2?

Transcript of Pelosi, House Democratic Leaders, and Economists’ Press Conference Following Economic Forum 10/21/2009

http://www.speaker.gov/newsroom/pressreleases?id=1414

Economic Expert #1. Alan Blinder 10/21/2009
“So for that reason, despite the fact that we’re looking at an absolutely horrendous long-term fiscal outlook,”

or

Wall St. Journal : The Case for Optimism on the Economy 12/16/2009 | Alan Blinder

http://www.freerepublic.com/focus/news/2408814/posts?page=24

Economic Expert #2. Alan Blinder, 12/16/2009
“Let me offer instead, in deliberately one-sided fashion, the case for optimism.”

[DPMD]

So the debate is over; the science is settled.

Deniers beware.

[silverleaf]

Those blue lines of GDP growth from 2000 to mid-2008.....
is that...could it be.... “the lost decade” obama keeps bleating about?????

OMG, how exciting! You found the “lost decade of profligacy”! You are an economics Indiana Jones!

[SonOfDarkSkies]

Yep!

This entire administration is just all over the place.

[SonOfDarkSkies]

How Larry Summers lost Harvard $1.8 billion (Harvard endowment)

Summers, amazingly, wanted to invest 100% of the university’s cash in the endowment, and had to be talked down to investing a mere 80%. No wonder Meyer and El-Erian tried to talk him out of it: the Harvard endowment was never designed as a place to invest sums of cash which might be needed immediately. Instead, it’s designed to invest for the very long term, taking advantage of the higher returns on illiquid investments. Summers was playing a high-risk carry-trade game with Harvard’s cash:

The aggressive investment of cash accounts is part of how the university has long run its “central bank,’’ an account that holds funds from its various schools and pays them a modest US Treasury rate of return. The “bank,’’ in turn, has invested the lion’s share of that money with the endowment, generating returns that are used to pay for shared needs, like graduate housing and financial aid.

No one had the stones to stand up to Summers when it came to this high-risk strategy of essentially borrowing at Treasury rates and investing the proceeds in an illiquid long-term endowment — certainly not James Rothenberg, Harvard’s part-time, unpaid, California-based treasurer.

[Son House]

The blue lines of GDP growth from 2000 to mid-2008 also pre-dates the 110th United States Congress, why is there no growth after a Democrat Majority?

[Reily]

If we actually had a media worthy of its name a scrolling banner with “Investment Advice Lost Harvard $1.8 Billion” should appear under him every time he is on TV!

[SonOfDarkSkies]

Actually, the DJIA has the last word in such matters.

[ronnie raygun]

Not one of these intelligent idiots ever ran a company in the private sector. a##wipes all of them, spoon fed, college idiots with no job experience!

[198ml]

Check out the video too yall...it’s priceless

[decal]

"Larry Summers: Almost All Economists Believe More Taxes Fuels Job Growth"