• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Ex-Obama advisor Summers rips 'dangerous' economics backed by AOC

Bucky

DP Veteran
Joined
Dec 5, 2015
Messages
28,466
Reaction score
6,332
Location
Washington
Gender
Male
Political Leaning
Independent
Advocating the government print money without worrying about paying the bills to guarantee jobs for everyone, Medicare for all, or the Green New Deal is a dangerous approach being pushed by far-left Democrats, former Barack Obama economic advisor Larry Summers told CNBC on Tuesday.

"I don't think this is a realistic calculus," said Summers, blasting the idea of Modern Monetary Theory, backed by self-described democratic socialists Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders, who last month announced another run for the White House.

"This Modern Monetary Theory, where we can guarantee jobs for everybody or have Medicare for all and just rely on money printing to finance it, I think that is quite a dangerous approach," Summers said in a "Squawk on the Street" interview.

"Countries all over South America have tried it with disastrous results," said Summers, who also was Treasury secretary during Bill Clinton's presidency. He also argued that MMT-like policies were tried and reversed in the early 1980s in France and the late 1990s in Germany.

Ex-Obama advisor Larry Summers rips economics backed by Ocasio-Cortez

This is the Democrats version of voodoo economics.
 
Bucky, Voodoo economics=The Tax Cuts and Jobs Act of 2017. :lamo

No, it's Obama doubling the debt, and libs telling debt isn't bad.
 
Back
Top Bottom