Posted on 07/24/2022 5:57:30 PM PDT by BenLurkin
Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday.
Summers...argued that lawmakers should consider raising taxes as another means of cooling the economy — with a focus on corporations and wealthy Americans.
While Summers backed tax hikes on the wealthy — a measure also supported by President Biden and many prominent Democrats — he noted that it was “not the time for stimulative fiscal policies.”
In particular, he said Biden should not extend the lengthy pandemic-era moratorium on student loan payments or use tax proceeds to bankroll a “big new spending program.” Biden has called for corporate tax hikes to fund a long-stalled, massive spending bill on climate and social programs.
(Excerpt) Read more at nypost.com ...
How about stop printing so much money?
Oh,like that’ll help.🙄
Uh, anyone CAN send in extra anytime.
Good old Larry ….. wrong as usual
Still crazy after all these years
Let me see if I understand this. People are hurting due to inflation - rising prices across the board for all of life’s essentials. And Summers’ solution is ... raise taxes?!
Politicians say, “More Taxes Will Solve Everything!”
...and the band played on...
Yup..what a first class AHole!
Summers spent a long time at Harvard. Just goes to show that Harvard has gone way down hill!
Stop listening to the same type of stupid idiots that caused the inflation expecting them to fix it 🤪
Hmmmm. I understand the thinking under normal circumstances - limit the money supply.
But I wonder, if you have just printed money to throw it at people to not work, are you really going to get anything out of now limiting money usefully lent? If the economy is croaked, I might think lending is at least the productive way to introduce money, but I don’t claim to know, for sure.
Let’s see ..... Congress passes trillions in STIMULUS;
Brandon pisses on Oil & Gas causing INFLATION;
STIMULUS plus INFLATION leads to HYPER-INFLATION;
HYPER-INFLATION pisses off Americans;
Some Moron named Summers says .....
Tax Americans to rid them of their HYPER-INFLATION;
Americans are left with little money and INFLATION;
But at least it’s not HYPER-INFLATION!
Effing Brilliant!
Summer’s idiot been right on a few things but he definitely wrong on this: You don’t raise taxes to fight inflation.
OMG. Groceries are up about 20%. Just got a notice that the water/gas bill will be going up 20% next month for no change in usage. Same with electricity. The assessor came by last week; I am expecting an increase in assessed value of the house of probably $60-80,000. Even though we could not sell now for that, due to interest rates being higher. So that will require a property tax increase of at least $1,500-2,000/year. Which will cause the homeowner’s insurance to increase. Expecting increase in auto insurance, for our cars (2007 and 2011), even though we have no claims, but just due to the costs/values of cars in general rising so much.
We don’t go anywhere due to gas prices, and the smallest, simplest fast food meal is $20 for two.
The value of market investments is down about 30% so far in 2022.
Income: nothing coming our way to raise our income.
I suspect most people are experiencing the same financial stresses
Perfect time for a tax increase. Brilliant idea, Larry!
My thinking is that at every point in time, an individual should be able to deposit money in a savings account and get a minimum 3% real return on the money.
Otherwise one is being totally ripped off.
The opinion of one who has no understanding of the real business world.
The only way to lower prices that is beneficial to the public, is to create more goods. Too many cows and the price goes down. Too many farmers have a bumper soybean crop and the price goes down. Whether it is cows or automobiles, that is the way it works.
So anything government does that makes producers nervous, thus reducing their enthusiasm for expansion actually makes prices rise.
Unless the government is purposely using the Stalinist plan, reducing demand by reducing income to the poverty level, thus reducing demand.
So is Summers and the rest of the dim party disciples of Stalin, or are they just economic illiterates?
In either case we do not want to raise taxes and make matters worse.
And another walked-out, moronic leftist heard from....blah, blah, blah...whadda an idiot.
Yea, right at the time that people are feeling the sting of inflation, fix everything by taking more of their hared earned money from them.
That’s like aborting a baby to save it’s life.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.