The rules are simple: they lie to us, we know they’re lying, they know we know they’re lying but they keep lying anyway, and we keep pretending to believe them. - - Elena Gorokhova, A Mountain of Crumbs: A Memoir THIS is our pundit class: Get ready to bail out Pimco again!
Larry Summers, Former Treasury Secretary: “This is an important step forward in fighting inflation.” … “First, this reduces budget deficits, and so by reducing budget deficits, it reduces the level of demand in the economy. Second, this reduces prices directly by going after prescription drugs and getting lower prices and a better deal for taxpayers when they purchase prescription drugs. Third, this increases supply by stimulating energy production and by subsidizing and supporting our energy transition to renewables. So, less demand, more supply, and direct, better bargaining for lower prices, those are the things that are involved in reducing inflation.” … “This bill is fighting inflation.” [CNN, 7/28/22]
Larry Summers, Former Treasury Secretary: “I have been making the argument for quite some time that the right public investment program is not inflationary and could contribute to a reduction in inflation. And I think the deal that Senator Manchin and Majority Leader Schumer reached, with the strong support of the White House, meets that test in three ways. It reduces demand, because it will bring down the budget deficit over time, because, unlike what we did a year-and-a-half ago, we're raising more revenue than we're increasing spending. So we're taking funds out of the economy. We're putting direct pressure on prices that are too high. That's what the measures about pharmaceuticals, to use the government's purchasing power, are all about. And we're taking a set of steps that will expand the availability of energy and reduce the price of energy. And that means people will hoard less. That means they will hold smaller inventories because they won't be looking for big price increases. And that too will contribute to lower prices. So, I believe that this is disinflationary policy that's also going to make the economy more efficient. It's also going to preserve the environment and also is going to make us have a fairer society.” [CNN, 7/28/22]
Larry Summers, Former Treasury Secretary: “Less demand, more supply & direct better bargaining for lower prices--those are the things involved in reducing inflation. The bill reduces the deficit & the level of demand in the economy, reduces prescription drugs prices & increases supply by stimulating energy production.” [Twitter, 7/28/22]
As always, perfect highlights of the inherent corruption in the system
Hi Rudy, is your account enabled again on twitter?
I would state that Paul Krugman is a fatuous wanker, but I do not want to heap unwarranted insult upon fatuous wankers with the comparison.
Larry Summers, Former Treasury Secretary: “This is an important step forward in fighting inflation.” … “First, this reduces budget deficits, and so by reducing budget deficits, it reduces the level of demand in the economy. Second, this reduces prices directly by going after prescription drugs and getting lower prices and a better deal for taxpayers when they purchase prescription drugs. Third, this increases supply by stimulating energy production and by subsidizing and supporting our energy transition to renewables. So, less demand, more supply, and direct, better bargaining for lower prices, those are the things that are involved in reducing inflation.” … “This bill is fighting inflation.” [CNN, 7/28/22]
Larry Summers, Former Treasury Secretary: “I have been making the argument for quite some time that the right public investment program is not inflationary and could contribute to a reduction in inflation. And I think the deal that Senator Manchin and Majority Leader Schumer reached, with the strong support of the White House, meets that test in three ways. It reduces demand, because it will bring down the budget deficit over time, because, unlike what we did a year-and-a-half ago, we're raising more revenue than we're increasing spending. So we're taking funds out of the economy. We're putting direct pressure on prices that are too high. That's what the measures about pharmaceuticals, to use the government's purchasing power, are all about. And we're taking a set of steps that will expand the availability of energy and reduce the price of energy. And that means people will hoard less. That means they will hold smaller inventories because they won't be looking for big price increases. And that too will contribute to lower prices. So, I believe that this is disinflationary policy that's also going to make the economy more efficient. It's also going to preserve the environment and also is going to make us have a fairer society.” [CNN, 7/28/22]
Larry Summers, Former Treasury Secretary: “Less demand, more supply & direct better bargaining for lower prices--those are the things involved in reducing inflation. The bill reduces the deficit & the level of demand in the economy, reduces prescription drugs prices & increases supply by stimulating energy production.” [Twitter, 7/28/22]
https://www.democrats.senate.gov/dpcc/press-releases/the-inflation-reduction-act-will-reduce-inflation