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 ...
No, not taxes, interest rates.
What an a**. Inflation is already a tax increase.
Can’t tax yourself out of a bad economy.
Doesn’t work that way.
Also, can’t tax yourself into prosperity either.
Why hasn’t Larry sent all of his wealth in to the US Treasury?
As an example for others if he is so sure of his prescription.
If my dentist pays more in tax, I will pay more in fees.
So they deny that cutting taxes stimulates the economy, but they admit that raising taxes cools it. Brilliant.
America should
1. End the boomeranging suicide sanctions to improve things short term
and
2. Accelerate the development of domestic energy sources to improve things longterm
“another means of cooling the economy”
The likes of Bill Gates and Warren Buffett don’t seem to be in the market for the types of stuff I would buy.
Excellent observation!
It’s never cut spending....never.
“with a focus on corporations and wealthy Americans”
Are two 64-year old California teachers who own a 1500 square foot home in suburban LA and have 40 years of pension qualification years each wealthy Americans?
“...former Clinton administration Treasury Secretary...”
-
Whose opinion is worth ... nothing.
an economic and intellectual illiterate...
I thought Summers was smart, relatively.
I wish there was a woman available to do the math to double-check Summers’ findings. But he says those women don’t exist. LOL
Remember this: He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance. Guess where that is from?
Give em a buck they spend five. Nope.
NO ... what to do is CUT CUT CUT Gov’t spending!
STOP the unnecessary and and Un Constitutional spending!
No more money for foreign aid, foreign wars.
And that is just for starters.
The idiocy is strong with this one.
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