Larry Summers Has Tons Of Bad Advice To Share— For Free

Recession-maker and former hedge fund manager Larry Summers, perhaps best known as the progenitor of the catastrophic post-Soviet privatization drive and for deregulation of the U.S. financial system and the repeal of Glass-Steagall, is widely considered the worst Secretary of the Treasury since the like-minded Andrew Mellon brought on the Great Depression with the same policies Summers espouses. He was given a million dollars to resign from Harvard which wanted him out for his sexism, his crooked finances, his close relationship with whoremonger Jeffrey Epstein, whose services he was using, and a widely publicized conflict with Cornel West, who he accused of fostering “grade inflation.”

A big fan of massive unemployment, he has been insisting Biden screw debt-burdened former students and raise taxes to boot! He told Congress to fight inflation by raising taxes, not just on corporations and the rich, which would be merited, but on everyone. He said “The right thing to do is to raise taxes right now to take some of the demand out of the economy.” And a speech at the London School of Economics that “We need five years of unemployment above 5 percent to contain inflation— in other words, we need two years of 7.5 percent unemployment or five years of 6 percent unemployment or one year of 10 percent unemployment.”

“Fiscal policy makes a big difference,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “Just the right thing to do is to raise taxes right now to take some of the demand out of the economy.”

Summers said that any tax hikes shouldn’t go toward funding fresh outlays— in contrast to the package of tax hikes and expanded social investment that President Joe Biden has sought from Congress for more than a year now.

“This is not the time for anything that’s going to be a big new spending program,” said Summers, a Harvard University professor and paid contributor to Bloomberg Television. He also rejected “stimulative” measures such as continuing the moratorium on student debt.