Lawrence Summers: Urgent Need For Short-Term Increase In Spending By Governments


Barack Obama’s top economic adviser has urged world leaders to pump more public money into the economy in a co-ordinated effort to boost demand and lift the world out of recession. […]

The US administration had no choice but to take strong public action to “save the market system from its own excesses”, he said.[…]

“This notion that the economy is self-stabilising is usually right but it is wrong a few times a century. And this is one of those times . . . there’s a need for extraordinary public action at those times.”[…]

Here is an idea, stop removing so much money from the private sector and making it public. Let the citizen pump his and her own money into the economy themselves.

Pumping more “public” money into the economy is prolonging economic troubles. We, trust ourselves with OUR money. We do not, and with good reason, trust you the government with OUR money.

The administrations so called “strong public action” has scared the crap out of employers and investors. Until the administration stops floating it’s stupid trial balloons and sticking it’s hands in every person and industries bank account the economic issues will not see an end.

But I suspect they know that.

The economy is self stabilizing, the key word being “self”. Self indicating that you [government] get out of the way and allow the economy to do what it will do.

When you [Summers] note that there are times that the economy does not self stabilize you are ignoring the fact that the economy in those instances was not given the chance to self stabilize.

Let the banks fail, let GM fail (oh I know you don’t want to because of your incestuous relationship with the unions), some thing is going to rise and take their place.

Get the hell out of healthcare while you’re at it, you are simply lying when you say our economy depends upon government intervention in healthcare. 

Basically, you go about your constitutional duties while we go about our business of producing and consuming.

No governmental spending is ever “short-term”, it’s permanent. Once you get your greedy hands on the money WE have earned you never let go.


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