Summers: Most Inflationary Policy Proposal of My Lifetime
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- เผยแพร่เมื่อ 13 มิ.ย. 2024
- Lawrence H. Summers, Former US Treasury Secretary and Wall Street Week warns of supply shocks coming out of Donald Trump's economic proposals, which could lead to a surge in inflation.
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Isn't this clown a large part of our current situation?
Yep him and Yellen are the Laurel and Hardy of finance
I know. We already have 12% or higher inflation under Biden and he's implying Trump would make it even worse? Summers is a hard core, far left Dem.
Yea except we still have a income tax 😂 so it's worst getting worser 💀
Exactly,..
No Larry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
@@fee_ic4981 Biden has proposed tax increases not only on corporations but also the middle class. Summers for got to mention that.
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America is inflationary moving forward - no matter who the leader is. We are crippled by government debt that nobody wants and supply is increasing.
This has never held true in the past. Additionally, this comment lacks detail and the idea that you must look at America (US), not as a single country, but its economic situation- debt, industries etc, in context to other countries.
Larry should contribute more as he's in the top 10% that the Government has been taking care of the most of his privilege
Americans were largely shielded from insane inflation from the dollar's status as a world reserve currency. Now that the world is rapidly divesting itself from USD aka death of the petrodollar,, the American people are about to be walloped as the deep state refuses to make any concessions. It would rather have hyperinflation vs provide any relief for the People because that would decrease their relative status.
Death of the petrodollar means the days of the USD status as reserve currency is numbered. No one wants to keep such high supply of USD on their books, esp when they've seen the US weaponize their trust based financial system. Regardless, they will continue to print money because that's the deep state's only option at this point. What happens next is simple supply and demand..
Summers and most of the Wall Street gang can't stand the idea of a restriction on immigration. Why?
Answer the question & get cancelled.
Because most foreigners are clueless but psyched to be here
lol um no it won’t be inflationary because the money supply did not increase and that is the only cause of inflation.
Now they thieves. They stealing assets.
Kinetic war is inflationary. Trade wars are inflationary. Monetizing debt and deficits is inflationary. Incentivizing trade partners to turn away from the USD is inflationary. None of this will be reversed anytime soon. Get out of the fiat currency debacle as soon as possible!
Jeez...Summers looks like he woke up under a parked car... tell his wife to take him to THE DENTIST!
What medicine is he on?
"He wants to be restrictive on the supply of labour" is Ivy League economist speak for: he wants to limit illegal immigration.
And limiting green energy subsidies will raise energy costs? Really? Left wing nonsense of the highest order. I guess in the Liberal hivemind, subsidy money is free.
There are economic consequences for doing that, would you care to ignore that or just pretend it’s not going to happen?
Exactly. Summers favors open borders so cheap labor floods into USA and puts Americans out of work.
No, Larry.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
@@bernardwylie9760 it's a risk worth taking as opposed to unfettered immigration. Make everybody do it legally.
scaling back the subsidies on renewable energy is inflationary? 🤯
Summers is just another deranged Trump-hating talking head. Reining in out of control government spending is inflationary lol.
The price of energy for the consumer rises if subsidies are pulled back. It is stimulatory (running deficit spending) but that effect is offset by the direct reduction in energy costs.
Exactly,... that unreliable inefficientcrap is part of why energy prices have doubled since senile ole joe took office,
NoLarry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
Subsidies do not increase inflation unless you print money to fund it. They do increase the inefficiencies of the market by putting money into bad energy policies.
@@Reathety That's not necessarily true. The deficit spending aspect (money printing) can be offset by the deflationary aspect of some spending. For example if the Gov spent money and built AI that put lots of workers out of jobs (increase in productivity) then it would offset the stimulatory effect of deficit spending. I would argue the energy subsidies that get consumers to build infrastructure (solar/wind) that directly reduces their long term energy bill is deflationary. There is essentially an increase in supply of energy and competition at the same time along with a diversification away from commodities that are inflating.
I guess Summers didn't notice the inflation coming from the MASSIVE Fiscal spending in recent Biden years. But Trump "talking" about this and that is the most egregious.
I guess you didn't realize Trump also had a part in some of that major spending, especially at the end of his presidency for Covid. I also don't think you realize what he's saying about Trump doesn't discount or deny what Biden has done, and that adding tariffs would simply add to whatever inflation is already present
Lots of TDS on display.
Summers was one of the first people to call out the government spending back in the fall of 2020.
You're wrong, he did call out biden for it
@@upstateNYfinest This is also true. Summers is the reason why the stimulus package in 2008 wasn't bigger - he is a fiscal conservative and totally called out Biden
What everyone else said, and the stimulus money has already been pulled back out of the economy. That's done by letting treasuries expire and not renew. The spending for infrastructure and improved electrical grid in rural communities is far better than the massive tax reduction given to corporations and the exceptionally wealthy. Those corporate reductions are still adding to the inflationary pressures. At least Biden's improvements will benefit many lower and middle class workers and families.
❤💯 Larry!
Does inflatin really go down? there is so much money on the side lines!!!!!!
The fed's have removed all of the stimulus money from the economy by letting maturing treasuries expire. You never want inflation to go down too much as you risk a recession or even a depression.
I think he is mistaken. The removal of subsidies on green energy is not inflationary.
Deflationary move is to stop forcing people using expensive energy with subsidies and provide tax cuts.
All subsidies by definition are inflationary. Yes you might get a lower cost for a solar panel because of the subsidies, but the subsidies themselves are a cost that we almost pay. Nothing is for free. And everything that the government spends, we have to pay for it either through taxation, borrowing or inflation.
What he was saying is that not continuing to push for more renewables is inflationary. The more renewables power the electrical grids the less demand you will have on fossil fuel supplies. Payback for California's renewable investment is about a 7.6 years with an additional lifespan of 20 years beyond the payback period. And material prices are dropping more than 10% per year. If you know someone who's good mechanically, wind turbine technicians are averaging 60K salaries.
@@peterponcedeleon3368 Many industries have subsidies. In 2022 the fossil fuel subsidies amounted to 7.1 Trillion dollars.
@@peterponcedeleon3368 A subsidy is inflationary in that it is stimulatory, but if the stimulatory effect is well offset by the direct reduction in consumer price then it is deflationary. I'm not saying running 120% debt to GDP is a good idea and that we won't have to pay the piper, but infrastructure investment that directly lowers costs right away for long term offsets the inflationary effect. They are basically matching dollars for consumers to spend on infrastructure. If the gov just wrote checks then yes that is highly inflationary or if the subsidies cause a shortage of materials (you could argue copper) then it is inflationary. I was incentivized to put in solar. I increased the supply of energy which lowers energy costs (or causes them not to rise as fast since we won't be producing enough energy soon).
@@sd70cal subsidies should basically be ended. Subsidies are welfare and welfare creates and entitlement mentality, and it creates the expectation that the subsidy will always be there.
Lmao Larry still bout dat war machine deaux
I wonder if Inc Tax will be partially or completely replaced by a VAT as all currency goes al electronic/digital?
That would require some working together and a major push that isn't happening right now. Very few are calling for a VAT.
The biggest risk is to US Treasuries. Unfortunately, both major candidates are proposing inflationary policies. If you invest in Bonds, we may see corporate bonds become better choices than US Treasuries. The Forex implication is tougher to determine on potential future US policies.
Re: use of seized Russian assets, quote ‘… this was effective determined creative US economic diplomacy…’ This was THEFT, not diplomacy! What f*ckin joke.
It may take years or even a decade but some day America is going to pay dearly for stealing everybody's money. When Germany returned their national gold reserves back to Germany, the UK and America gave them back different gold. The serial numbers were different. When other countries found out about this they all started repatriating their own gold too.
Summer's wife should let him back into the house at least so he can shower and shave.
I'd say attacking Ukraine,.. is worse than theft. This is one thing they got right.
But no Larry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
How's that inflation reduction act workin for you Larry. Give me a break.
Inflation reduction act was passed, inflation dropped, there you go.
How long can the Fed continue to buy the long end to suppress yields?
Neither Trump nor Biden could pull a hair about inflation. This at the time when presidents needed to be most concerned about inflation. We have all lost a big part of our savings thanks to these demagogues
No Larry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
This clown had a part in this..
There's something about his physiognomy... 🤔🤔
I don't know why anyone would listen to this guy - he's one of the architects of GFC.
Because he was one of the few economists appointed by a democrat (Clinton as treasury secretary) that said the Biden spending bills would be inflationary and that inflation wasn't transitory. The Paul Krugman's of the world said inflation was transitory and we can spend spend spend with no concerns. He's been right when it wasn't popular.
Good Ol’ Larry came into government with Reagan. He has been the Presidential Economic Advisor to every President (leaving Bush 2 in June 2008, last finance rat to leave before crash, came back into Gov’t with Obama 2nd term). He could care less about which political machine bends over for private finance. He’s 100% private finance that globalized and broke free of our government to recreate the U.S. as the largest liquidated nation in the world. That’s our purpose, to be liquidated through fraudulent debt to the maximum, for global liquidity. They don’t care about 265,000,000 U.S. citizens at all, not even a little. They just want to increase debt, that’s all money and finance is in the 21st Century.
Exactly.
NoLarry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
Thanks Larry.
How to be civil when I dislike Summers intensely, he’s a crook!
The only cause of inflation is an increase in the money supply.
This is not inflationary at all Larry.
Watch this not age well. There's a reason why most economists are wrong with their predictions
"I know better than the economists", typical American mentality.
You don't know anything about anything, in actual reality.
If income tax in removed then the tariff tax hurts those that consume in excess. You know? The people that like to eat more than their fair share.
Replacing Income Tax with tariffs in this scenario is highly inflationary to the U.S., it will impact poor and middle-class people very hard. Whatever we do moving forward must not induce supply shocks.
Those are the major beneficiaries: they'll get better jobs.
Trump should not only get rid of payroll taxes,income taxes but also get rid of the IRS and Get rid of the Federal Reserve and go back to Greenbacks printed by the US Treasury.
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Larry this is why the USA currency will decline. Which foreign country will hold US bonds when it can be taken away and confiscated. It is breaking international law.
Or - those keeping their money in a good place to invest will not look to invade their neighbors.
Crazy talk. Nobody is confiscating anything.
This was the guy who said the internet would amount to nothing.
That was Paul Krugman.
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Renewable energy is inflationary.
That isn't what the data says. Fossil fuels cost will keep increasing while renewable costs have been coming down year after year by large percentage points. And the more our energy needs are fulfilled with renewables the more the supply of fossil fuels will be available for other uses. That makes them even more deflationary.
Yep.
No, Larry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
Solar power is now cheaper by far than coal and natural gas for electricity generation.
Don't tell Larry we now have TEMU and other massive warehouses right here in USA now that will hold supply prices down. I guess he still buys overpriced stuff on AMZN.
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To speak about Trump having the most inflationary policies while ignoring the inflationary policies of Pr Biden is pure politics. I respect Mr Summers knowledge, but this is a political piece masquerading as an economic one. IMO.
Unfortunately, this man is not correct. He either does not truly understand or is presenting its angle on economics.
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Good points about the shock. So the increase in tariffs and decrease in income tax must be gradual, phased in over a decade, but it is indeed the right course of action. Tariffs: American Federal Government’s first tax. 🇺🇸
Tariffs get paid by consumers
As a percentage of non-discretionary income, tariffs will put a larger burden of the taxation on the lower and middle class of Americans. Those with excess earnings will have more to invest and spend overseas without the tariffs. We should shift income tax back to where it was before the large corporate and high wage earner tax reductions became the norm.
"...a case study in effective, determined and creative economic diplomacy." How often are such outcomes likely under Trump. The single most overlooked aspect of being POTUS is the team he assembles. Trump's team will unquestionably be clowns, bc he values fealty not competence.
Biden: DEI clown par excellence. His whole admin., they're all clowns and traitors.
This guy talks like a male Janet Yellen, hard to listen to
They are all the same.
This was just a political add.
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With Trump the inflation rate was about 2% last time around.
Lag effects, also he didnt do to the extend debated now
He inherited a great economy from Obama and then the worldwide economy went into a tailspin with the pandemic. Gas prices were low because suppliers were paying people to take their inventory because they ran out of room to store it. Almost anyone could have done what Trump did. Actually they most likely would have done better. If he had united the country during the pandemic he would have been reelected, but he couldn't even do that.
Exactly.
No Larry,.. youpheckingPOS,.. senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
@@sumitomoO0O
It wasn't lag effects.
It was senile ole joe effects
senile ole joe's policies have been the biggest generator of inflation in 40 years,.. 9% reported,... 50% real permanent accumulated inflation since senile ole joe took office.
shutting down the fossil fuel supply line sending oil and all energy prices to double what they were under Trump.
senile ole joe's helicoptering checks, after the pandemic was over, when it wasn't necessary, we weren't in a recession, the economy was already growing and we weren't in a WW,... to businesses and consumers and college students,.. and worst of all,..
to millions of poor uneducated unskilled homeless illegal aliens pouring across the border,..
hopping on tax payers' backs in hotel rooms,
bankrupting the welfare system, the education system, the healthcare system,...
with $2 to $3 trillion deficits each year causing the debt and the interest on the debt to spiral out of control to the point the interest will over come the entire budget in a few years,..
all with no obligation to pay tax payers' back,.. all to buy demcorat votes.
Demcorats have and are destroying the country just to try to cement the DNC in permanent control.
President are inflationary
A thief is talking about finances
Aint no doubt about it
😊peace and blessings
Clown show
Oh and that means you have some answers? LOL
After we get the Russian assets, we should be free to take Chinese assets. Who are the judges after all?
That might keep them from invading Taiwan!
@@sd70cal US has more assets in China than China's assets in US's control.
There's a price to be paid for attacking your neighbor for no reason.
@@jcgoogle1808 The price that China is willing to pay is almost unlimited if you know the history of Korean war, which was a war for helping its neighbor to fight against the greatest power of the world at that time. So now how much price you think US is willing to pay to keep Taiwan.
@@benyu8704
The US wasn't in it to win it.
The price that north korea paid was to be a poor nation compared to most 3rd world nations, let alone first world free market South Korea.
Have you seen satellite images of the Korean peninsula at night?
North Korea is dark while South is lit up like a christmas tree.
North Korea's GDP is about $21 billion, while South Korea's is $1.7 trillion
Who won?
And china isn't willing to risk anything.
Its economy is already in shambles.
The housing market is nothing but half built ghost cities,
China would return to the 3rd worldsheethole it was until the US helped turn them into a a semi free market economy,... if it alienates its markets in the west.
Russia with a GDP of about $2 trillion isn't a big enough economy for china to depend on for a market.
Speaking of history, historyboy,..
Where was china inWW2?
Getting its ash pummeled by Japan until the US stepped in.
You don't want to poke the sleeping bear,.. even with incompetent senile ole joe as pretendident.
We never know whether Trump is proposing something seriously or trying to begin a negotiation. It's a risky way to run a country and terrible as a long-term approach, but might be worth trying if things are desperate.
Government and Economic instability is one of the worse things you can do to our economy. Most of the world is invested with us because of our stable government and economy.
@@sd70cal
This government isn't stable.
We had a far better economic conditions for citizens under Trump.
This senile ole joe demcorat economy is propped up with % of GDP spending to get 1 to 2% GDP growth,
Deficits are at unprecedented levels (when the economy was already growing at 6% with inflation under 2%), the debt is spiraling out of control, the dollar is being destroyed, the rest of the world is looking for another reserve currency,,.. 3 regional wars,.. because of senile ole joe's incompetent withdrawal from Afghanistan.
The border is wide open,.. and it ain't for labor, these 10+/- uneducated, unskilled, workers have largely hopped on the welfare state,.. we had no problem with workers and picking crops when Trump was in office
We HAVE government and economic and geopolitical instability.
Wake up.
Plz spit before speaking...same goes for yellen...
What r u guyz chewing or have in ur mouth...?
🤔
They're choking on their lies.
Summer is old and may not be clear in his mind. Take his words with a pinch of salt 🧂
And you know better, because?
Except his comments today are spot on
YOU MEANT take TRUMP words with a hefty does of salt...
He clearly supports free Fiscal supply to Ukraine
I reckon 10% interest at min. Free taxes at the war zone
!!!!!!!
Dead wrong
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spammer
Most inflationary policy of my lifetime huh? How about the Inflation Reduction Act? How about the actual inflation under the current administration? This guy is misspeaking and not serious about the things he says. A mouth piece for a particular policy.
The inflation right now comes from policies from the previous administration and the pandemic, because it takes time for policies to take effect on the economy. And inflation started from early 2021 when Fed thought it was transitory and acted too late. If you think the inflation that started just 3 months after Biden took office actually came from his policies, then you are just delusional.
The best thing for the US people is a second term for Trump.
This will remediate the mindset of all the believers quickly, as most of the poor and lower class people and probably half of the middle class will perish during it.
Inflation has gone down since the inflation act was passed. Check for yourself!
are you complaining really ? Get ready friend for a disaster with Trump's economic plan, he's lost. We need Reagan style, not Trump.
Not for shelter CPI. Same with Canada. Very sticky
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