Lawrence Summers on Economic Crisis & Conservative Ideology

http://www.americanprogress.org/issues/domestic/economy

Lehman Brothers = bankrupt. Merrill Lynch = sold. Fannie Mac & Freddie Mac = in crisis. Bear Stearns = failed. Former Treasury Secretary Lawrence Summers appeared at the Center for American Progress to discuss the current economic crisis facing middle class America and the trickle down economic theory espoused by conservatives. Do tax cuts spur economic growth and pay for themselves with higher revenues on additional economic activity stimulated? This debate will be revived in the coming year as the incoming President and Congress will soon decide whether to renew of a variety of tax cuts adopted starting in 2001 and set to expire in 2010. Economists now have years of experience with this tax policy. What does the evidence show us? What has been the public debate about tax policy and supply-side and has it shifted in light of growing inequality and limited sharing of the benefits of economic growth?

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• lehman
• mccain
• merrill
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[urparanoia]

@ToSaveANationDotCom -His theories are excuses, a way to defend his beliefs.Prior to the election of Reagan a new car loan was paid off in 3 yrs and most moms stayed at home.Since that time those at the top have on average seen a 280% increase in income while those at the bottom got 18%. Both Reagan and Bush lowered taxes on those at the top and the economy became worse. Repubs are still selling the lie to the small minded that "trickle down economics" works when it's obvious this it doesn't

[urparanoia]

@sentimoko -Summers was one of the group who opposed Wesley Born's attempt to regulate OTC Derivatives.The guy worked forthe O administration but his beliefs are conservative.Born warned that OTC unregulated Derivatives could cause a financial meltdown and almost 10 yrs to the day it happened. Greenspan also fought her efforts. In the fall of 2008 when the crap hit the fan Greenspan admitted to congress "the conservative ideology I believed in for decades is flawed and caused the fin. meltdown"

[ToSaveANationDotCom]

Isn't it ironic that in the first 4 min he tried to explain why raising taxes on wealthier people isn't always a bad idea, but that his explanation also actually supports raising taxes on the poor who don't pay any income taxes at all? Listen from 2:00 to 4:20 again but think about the working poor. Raise their taxes so they will work harder to make more money to pay the extra taxes. Viola! - more tax revenue! Why not just raise taxes across the board? How can anyone take this guy seriously?

[ToSaveANationDotCom]

And what about exempt employees that don't get paid overtime? How do they choose to work harder to make more money so they can pay more taxes? Do they simply find another job (cause there are just so many available now)?! So Summer says raising taxes could be ok because people will just go get another job and work even harder so they can pay even more taxes, but not raise their own standard of living at all? Is this the paradise Summers would create for us? Land of opportunity indeed...

[ToSaveANationDotCom]

Most people can't just choose to "work harder", make 33% more and still make their planned needs. If it's so easy then every American would already be doing it! But most Americans aren't because it doesn't work that way. We can't just always work 20 hours overtime every week, your company couldn't afford it. Patently false theory. And people wonder why things are so bad economically. With people with theories like this advising our politicians for decades it should be obvious...

[sentimoko]

ITT: Retards

Oh man, it's gotta suck to be an uneducated moron who has to kill and hunt his own dinner. Yeah. That would be you. That is, 90% of the people commenting on this video. You don't understand shit. Everything he says is logical and if you don't agree with him, no wonder your economy is fucked. How about coming with proper arguments instead of saying "LOL HES FAT AND UGLTY LOLMO ASOMDOANDHYABSDOB". Fuck off.

[dsheacpa]

i get his strategy his bores us within 30 seconds so we can't possibly continue to listen. How can somebody so dull contribute so mightily to our destruction. Touche Mr. Summers.

[DevilsFan973]

scumbag

[longerino]

@wmatthews88 no, actually he will only be advising Obama in the months to come

[longerino]

@wmatthews88 You haven't a clue, your fancy words don't impress me. Read a book.