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Liberal economists Krugman & Summers battle on the American Rescue Plan. One belongs in GOP?

March 15, 2021 By Egberto Willies

Sorry, there was a YouTube error.

On this panel, Paul Krugman gets it right as Larry Summers continues his attack on the American Rescue Plan. He complains about workers getting a break.

Paul Krugman & Larry summers on the American Rescue Plan

See full episodes here.

Yesterday I wrote a piece critical of ThisWeek’s host George Stephanopolous for allowing Wyoming Senator Jeff Barrasso to malign the American Rescue Plan with no robust challenge.

It is bad enough that we have Republicans attacking the bill, but to have the former director of the National Economic Council for President Obama’s attack is shameful as it gives Republicans a false talking point. In fact, Summers’ attack sounds exactly like one that one would expect from worker-oppressor Republican ideology.

Summers’s complaint is basically that the bill is not an investment in climate change policies, China competitiveness policies, and others. If one reads into it, he supports Republican and neoliberal orthodoxy where monies are given on the supply side, those “who know” what we should want.

These guys have yet to realize that supply-side economics is a failure, even if coming in a more palatable form from a “Liberal Economist.” Giving financial support to those who will spend it in the economy gives the masses a vote in determining the supply, products, and services they want instead of acquiescing what the “masters” want to have them buy.

What is even more disconcerting with Summers is his disregard for the American worker. He is concerned that many workers on unemployment are making more than when they were employed.

Did Larry Summers forget that there has been government-sanctioned wage theft on the American worker since Reaganomics? Has he forgotten that the minimum wage had not kept up with inflation? Just maybe it is time to give the American worker a break. After all, corporations and the wealthy have been getting them all for the last 40 years.

Paul Krugman concurs that the bill does what it needs to do. Moreover, he made it clear that most economists of substance agree.


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Filed Under: General Tagged With: American Rescue Plan, COVID Relief Bill, Fareed Zakaria, Larry Summers, Paul Krugman

About Egberto Willies

Egberto Willies is a political activist, author, political blogger, radio show host, business owner, software developer, web designer, and mechanical engineer in Kingwood, TX. He is an ardent Liberal that believes tolerance is essential. His favorite phrase is “political involvement should be a requirement for citizenship”. Willies is currently a contributing editor to DailyKos, OpEdNews, and several other Progressive sites. He was a frequent contributor to HuffPost Live. He won the 2nd CNN iReport Spirit Award and was the Pundit of the Week.

Comments

  1. Steve Stein says

    March 15, 2021 at 11:47 AM

    Who to the left of Newt Gingrich considers Summers “liberal”?

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    • elasg says

      March 16, 2021 at 12:33 PM

      You took the words out of my mouth (or keyboard). Larry Summers is no liberal, at least not on this planet.

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