Posted on 07/26/2023 3:59:39 PM PDT by devane617
Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans.
“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers said on Tuesday while speaking virtually at an event held by the Peterson Institute for International Economics.
Specifically, Summers took issue with the administration’s trade stance, efforts to prop up US manufacturing and its antitrust crackdown. The former Harvard president argued this approach could prove to be inflationary.
“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said.
The White House did not comment in response to the criticism from Summers, who was early to speak out in 2021 about the looming threat of inflation.
(Excerpt) Read more at cnn.com ...
“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said. And he is talking about Biden and not Trump? Just what has Biden done to bring manufacturing back to the US?
“It COULD end up causing higher prices for Americans.” Could? Try “It already HAS caused higher prices for Americans.
DJT just got another campaign ad.
Of all the Biden policies, bringing manufacturing home is what he’s worried about? And how has Biden done this? By driving up energy costs for US manufacturers? By lifting tariffs on China? By regulating them out of business? What the hell is that guy smoking?
Summers is right in one regard.
As long as trivial nonessential employment can pay more than manufacturing employment, nothing will change. People aren’t stupid they follow the money.
The big problem that could occur in the future, is if foreign producers head in our direction and start to value nonessential employment over the essential industries that are needed to maintain our level of civilization.
Where Summers is completely lost and wrong is his weak effort to blame inflation on anything to do with the manufacturing sector.
The bloated employment compensation that Summers has received over his lifetime, is a lot more inflationary than any payout to anybody employed in manufacturing.
Summers is “testing the waters” for future scapegoats for what’s coming down the economic pike.
Ive heard Larry Summers talk a few times, even though he’s a liberal, he’s not a full blown communist I can stomach hearing him
What has Biden done to grow US manufacturing? Malarkey.
Well CNN, you went all out in your support of Biden’s so-called economy.
Testing the waters is a spot on assessment. I don’t doubt this comment is a campaign ploy.
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