Economic Policy Before and After the 2024 Election
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- Опубліковано 6 лют 2025
- Join us for a conversation on a range of economic policy issues and the implications of the recent election with Lawrence Summers, the Charles W. Eliot University Professor and President Emeritus at Harvard University; Weil Director, Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government.
This conversation will be moderated by John Ellis, co-host of the "Night Owls" podcast.
Co-sponsor: Mossavar-Rahmani Center for Business and Government
Great talk sir thank you very much. Lots of work to do.
16:38 I am glad he mentions that voters typically vote on their impression of the economy and what they believe is the cause and solution. However, the average American just doesn't get it right.
Inflation was a GLOBAL inevitability, and the current administration indeed has made efforts to thwart the swinginess of it. We might hear/talk about radical sensational headlines about a candidate's' age or preference, but never about their actual policy reactions such as the Inflation Reduction Act (IRA) or Rural Energy for America Program (REAP) for example. The current administration has done tons to help stabilize rising inflation. So much so that is has stabilized (regardless of prices STAYing high).
Perhaps giving tax cuts to the extremely profiting that show no remorse or assistance to those that need it or feel it in their voting hands, may not be the solution, huh? This is the same issue brought up to Summers by Jon Stewart a year back. WEIRD that the people are feeling hit the hardest, yet corporations are GLOATing record profits. What can a government do then?
wise words indeed
45:23 "Elon Musk is a great guy!" But he isn't the engineers, nor the scientists, nor the founder of anything SpaceX. He's just an investor (also a part time oligarch). He does what he has to do to make a profit.
And as Neil DeGrasse Tyson put it: "Every massive expensive thing that has happened in history has been led by NATIONS, and private enterprise will do it later to make a buck off of it". Essentially, governments would do something like space science and travel for the actual sake of it. Private enterprise? To make money.
Obviously times have changed, but who is to blame? The people being in favor of private profiteers? The profiteers forcing the hand of governments (and sometimes lobbying or entering in politics themselves)? We are seeing (and have been) structure changes akin to science fiction dystopian stories where trillionaires rule the world.
Space X should exist, yeah. But because we all believe in the importance of space advancement, not because it makes someone a buck. And the current concern NOW is that ambitious projects for things like a Mars journey would have to come from taxpayers, while we still do not have world-class healthcare, extreme classism, and inflation-itis.
Also, Summers here prescribes that Democrats are the ones to figure out how to get government to get things done. Well, maybe they've been wanting and trying? As bureaucracy demonstrates, oppositional party behavior constantly halts progress on ambitions. Anything the current administration tries to suggest or actively achieves usually gets backlash because of party affiliations. I know that is not a new concept, but it is as real as ever now. And now the new administration wants to roll back many of such ambitions to enable private enterprise, not allowing for government to actually get things "done" to help its citizens.
good important to hear from the guy who called the 21 inflation correct
Can’t access from ELLIS substack. Too bad.
i agree, with what cutting spending would be like, is going to be austerity, i think it should be aa reform of the tresury recieving at least half of interest taken by FED, and the rate shoul be express in years, how long is that value going to be in the economy, and tresury operate like a bank, changing taxes for interes, and not charging income tax, cause 20 trillion slice of taxes is paying for a 6 trillion economy size costs, so fed should pay taxes in form of part of interest it charge and that way will have to charge more for absorving liquidity.and tariffs, higher budet in defense to scale the expansion of costs,
wha tdo you think about independence of FED being change for independece of citizens like at 1776 change model from neoliberal to neo conservative like it was before the austerity on com side not man side?
printing stock is also like deficit and not have interest that should be reform also, apply interest to all money creation in speculation taking away all money desapeared from that interest in the over all,
cause imagine 1% FED that mean 100 years for that money to come back, so that money is al most 100% inflation
and hey say you cant taper a ponzi,
yet it can be model and place the physics laws in which operate to force productivity and the value of money like at the start and not like now that inflationary model of universe make all citizens smaller and companies bigger,
yet i agree it cant be envy economics but ether way cant be blind citizens of the problem that the dize are loaded,
i say they did to USA citizens in 1975 what bolchevics did to czar of russia, or what french revolution did to kings in france, it changed the lever and the laws and then they ultra spand it,
i think it is inconpendece also, is not competition for companies, independent of the state, the state getting smaller and citizens same as the others grow, the ones tapping credit and inflation, eith loses they throw at other side in the lever that is everyone else,
is russian soviet communisim.
need to start over with new hard currency and everything else being lever in the correct law and accounting, 1 hard dollar equals 1 barrel of oil, and everything else autoregulates and earn productivity, like when was the pound of gold,
cause all industry of first world is over, all of system is damage now,
all world is going down unless, something is done cause new deal is eating emerging markets wages in usd for production to remain posible, and distance from that of prices in firstworld production is going supper away from that and holecause for citizens is full trole and is getting ugly and democracy is getting non existence as they prove wrong to deliver it under this circumstances
i see you good larry i hope everything works well for you
Keeping in mind the vote-inflation bargain, ahem
i was there looking to create a new blatic state and how would i name it, pressing for the land of ukraine and i thoght in paul cause CIA are orthodox, and i thoght paulstone and then i knew it was the AI were saying boston to me, ahhahahaha meaning you larry,
ether way it would be nice name paulstonealongside latvia, what do you think to counter weight for trump QE ahhahah
Who do you think has the ultimate authority here?
History will not be kind to Larry Summers and the many mistakes he made as a Treasury official. His judgement today is no better than it was then.
He did precisely what he intended.