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Larry Summers: Trump’s economic growth is 'unsustainable'
Yahoo Fake Finance "News" ^ | 5/1/18, The Communist Holiday | R Newman

Posted on 05/01/2018 11:38:06 AM PDT by SoFloFreeper

The US economy could grow at or above President Trump’s goal of 3% this year. And White House economists predict it’ll be that way indefinitely.

Former Treasury Secretary Larry Summers sees it differently.

“Yes, we are growing at a reasonably rapid rate, but it’s taking unsustainable fiscal deficits to drive us to that point,” Summers told Yahoo Finance at the Milken Institute Global Conference in Los Angeles. “It’s taking unsustainable increases in credit to drive us to that point. It’s taking unsustainable increases in asset prices. You can always generate a sugar high. The real problem for us is not achieving growth, but achieving sustained, healthy growth with a financial environment that’s sustainable.”

In 2013, Summers laid out a “secular stagnation” hypothesis, arguing that economic growth would remain chronically low for a variety of factors. For the second term of the Barack Obama’s presidency, that seemed to be true—annual growth rates averaged just 2.2%, well below historical norms for a recovery period.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: economy; gdp; growth; tds; trumpeconomy
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To: SoFloFreeper

Should read: Summers hopes it’s unsustainable.


21 posted on 05/01/2018 12:12:33 PM PDT by Theodore R.
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To: SoFloFreeper; All

And don’t forget that Trump is unelectable. /sarc


22 posted on 05/01/2018 12:15:06 PM PDT by Amendment10
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To: dp0622

Oh yeah, I agree. I was just pointing out the author’s hypocrisy.


23 posted on 05/01/2018 12:16:38 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Signalman
"So after $20 TRILLION in deficits, deficits are bad? How transparent they are! You're referring to the national debt, not the deficit. They're not the same."

I predict that President Trump will run out of world crisis' to solve in his first term. In his second term, he will get our "financial house" in order.

Hey, if you don't believe me, ask Scott Adams.

24 posted on 05/01/2018 12:43:35 PM PDT by armourenthusiast (Trumperific)
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To: Still Thinking

summers was a big supporter of the traitor nobama’s economic idiocy. Who cares what this nitwit has to say about anything?


25 posted on 05/01/2018 12:44:16 PM PDT by hal ogen (First Amendment or Reeducation Camp?)
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To: DannyTN
Put the Tariffs in place. We’ll see economic growth and reduce debt.

Win-win!

26 posted on 05/01/2018 12:49:38 PM PDT by central_va (I won't be reconstructed and I do not give a damn)
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To: SoFloFreeper

Yes, we are growing at a reasonably rapid rate, but it’s taking unsustainable fiscal deficits to drive us to that point,” Summers told Yahoo Finance....

NO commentary during the Obama years and his creation of a $1 Trillion Dollar Baseline in the budget that will never go away?


27 posted on 05/01/2018 12:57:44 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: SoFloFreeper

Summers: Economic Growth More Important Than Deficit....
https://www.npr.org/2013/10/29/241548516/summers-economic-growth-more-important-than-deficit

and again with Fahreed Zakaria
Summers: Growth first, deficit next

3 minutes

https://www.youtube.com/watch?v=167WesZUSfQ


28 posted on 05/01/2018 1:04:50 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: SoFloFreeper

After eight years of the Obama fiasco, we’re not even back to level ground yet on the economy.

Summers is just a “noTrumper”.


29 posted on 05/01/2018 1:18:25 PM PDT by FrankR (If it wasn't for stupid ideas, the left would have no ideas at all.)
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To: 2ndDivisionVet
“It’s taking unsustainable increases in credit to drive us to that point."

It's all part of the plan. Each Federal Reserve note issued is a debt owed. When that note is paid back it has to be paid back with interest. That interest payment is removed from the economy and given to the holder of the note - and that leaves less  money  currency circulating in the economy.

So, pretty much by design, an ever increasing amount of  currency  debt issuance is required just to stay even.

And the fun part is that because the interest attached to the debt is paid back in more debt the two are exponentially related - and as long as that attached interest is a positive value the interest payments (not the interest rate) will necessarily grow exponentially.

Larry knows all this. He is just a mouthpiece for the lies we're being told by the money lenders and our own govt.

30 posted on 05/01/2018 1:21:07 PM PDT by Garth Tater (End the Fed. Return to Constitutional governance.)
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To: SoFloFreeper

Why would anyone listen to him? He is the one who predicted that the US economy would fall into a major recession within 18 months of Trump’s election. He’d be exhibit A in the proof of Buckley’s comment that he’d rather be governed by the first 2000 people in the Boston phone book than by the faculty of Harvard that Summers once presided over.


31 posted on 05/01/2018 1:29:26 PM PDT by Dogfaced Soldier
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To: hal ogen

He’s every bit as sharp as that other tool, Robert “Third” Reich.


32 posted on 05/01/2018 1:48:55 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Dogfaced Soldier

He mixes in half truths. True, any socialist economy (Europe, Canada) is going to have a hell of a time producing above 2% GDP growth in years to come. The size of government, the existence of corporate welfare, and demographic collapse in population are going to pull hard on any growth.

America is not that though (not yet). It is a vibrant, competitive economy with high productivity. So it can do so - and with the corporate tax cuts - should be a no brainer.


33 posted on 05/01/2018 2:19:08 PM PDT by Sam Gamgee
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To: joesbucks

Agreed...and I hate to say it...but I agree with Summers....but not for the reasons he thinks. It’s not sustainable BECAUSE of debt. A lot of FReepers are gonna be real surprised that the economy isn’t going to grow as promised. I’m not surprised it isn’t growing at all. Once the last of the Chinese money is done rippling through the economy...you’ll see the last of good growth. Quantitative tightening is probably going to turn back into QE (pick the name) by next year.


34 posted on 05/01/2018 2:27:39 PM PDT by NELSON111 (3/23/2018 The day it became clear that MAGA is a lie.)
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To: joesbucks

Agreed...and I hate to say it...but I agree with Summers....but not for the reasons he thinks. It’s not sustainable BECAUSE of debt. A lot of FReepers are gonna be real surprised that the economy isn’t going to grow as promised. I’m not surprised it isn’t growing at all. Once the last of the Chinese money is done rippling through the economy...you’ll see the last of good growth. Quantitative tightening is probably going to turn back into QE (pick the name) by next year.


35 posted on 05/01/2018 2:27:39 PM PDT by NELSON111 (3/23/2018 The day it became clear that MAGA is a lie.)
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To: SoFloFreeper
Let's check Larry's track record:

"The economy under Trump: Plan for the worst"

By Lawrence Summers January 16, 2017

https://www.washingtonpost.com/opinions/the-economy-under-trump-plan-for-the-worst/2017/01/16/0e7287c2-dbf8-11e6-ad42-f3375f271c9c_story.html?noredirect=on&utm_term=.59e8738031af

Gosh, Larry, hope you don't mind if I ignore your ignorance.

36 posted on 05/01/2018 2:28:22 PM PDT by Uncle Miltie (A Second Amendment march to deny leftists their First Amendment rights. Turnabout is fair play.)
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To: Still Thinking

Definitely hypocrisy.

I read a liberal defending the deficit under obummer by saying we have maybe 150 trillion dollars worth of oil on federal land.

Would the US ever sell oil, would it even be legal for the govt to sell oil in the open market?

I don’t know.


37 posted on 05/01/2018 6:54:35 PM PDT by dp0622 (The Left should know if Trump is kicked out of office, it is WAR!)
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To: SoFloFreeper

Poor Obama-lover Larry was on board with pathetic growth being the “new norm” and hates what Trump has managed - it shows he’s more charlatan than economist....


38 posted on 05/02/2018 2:42:37 AM PDT by trebb (I stopped picking on the mentally ill hypocrites who pose as conservatives...mostly ;-})
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