Found 230 article(s) for author 'Lawrence Summers'

We are even more convinced that thousands will die prematurely if the ACA is repealed

We are even more convinced that thousands will die prematurely if the ACA is repealed. Lawrence Summers, December 12, 2017, Opinion, “On Monday, The Washington Post published an article by Casey Mulligan and Tomas Philipson attacking Lawrence Summers’s statement that “thousands” of individuals would die if the Republican tax bill became law. Summers reached his estimate after carefully reviewing the literature and consulting with health economists Jonathan Gruber and Mulligan and Philipson’s University of Chicago colleague Dean Kate Baicker, who has published a number of influential studies on the effect of health insurance on health.Link

Tags: , , , ,

The Economy is on a Sugar High, and Tax Cuts Won’t Help

The Economy is on a Sugar High, and Tax Cuts Won’t Help. Lawrence Summers, December 10, 2017, Opinion, “Lawrence H. Summers is a professor at and past president of Harvard University. He was treasury secretary from 1999 to 2001 and an economic adviser to President Barack Obama from 2009 through 2010.  The approaching end of President Trump’s first year in office, another strong employment report and a still-strong stock market make it appropriate to revisit my year-old judgment that the economy is enjoying a “sugar high.” Unfortunately, the best available evidence suggests that signs of current market and economic strength are largely unrelated to government policy, that the drivers of this year’s economic strength are likely transient and that the structural foundation of the U.S. economy is weakening. Sugar high remains the right diagnosis, and tax cuts are very much the wrong prescription.Link

Tags: , , , ,

Yes, the Senate GOP tax plan would cause ‘thousands’ to die

Yes, the Senate GOP tax plan would cause ‘thousands’ to die. Lawrence Summers, December 3, 2017, Opinion, “I suggested on Friday when it became clear that the tax bill would pass that “thousands would die.” In light of my sharp criticism of other economists’ claims regarding the legislation, some have asked whether my statement is well grounded. I think it is, but this should be open to debate.Link

Tags: , , ,

Dear colleagues, please explain your letter to Steven Mnuchin

Dear colleagues, please explain your letter to Steven Mnuchin. Lawrence Summers, Jason Furman, November 28, 2017, Opinion, “You recently wrote an open letter to Treasury Secretary Steven Mnuchin quantifying the economic impact of tax reform. We are interested in and surprised by your analysis. We share your commitment to the idea that well-designed tax reform can make the economy stronger and that careful economic analysis is essential. And we know that you all share our belief that such careful analysis is well served by discussion and debate of these issues that is at least as frank and vigorous as what we are all accustomed to in the average economics seminar. To that end, we think it would be useful to lay out some of the questions we have about your analysis:Link

Tags: , , , , ,

Trump’s version of capitalism looks a lot like revenge — and it endangers our democracy

Trump’s version of capitalism looks a lot like revenge — and it endangers our democracy. Lawrence Summers, November 27, 2017, Opinion, “In response to the Carrier caper after the election last year, I decried the Trump administration’s preference for what I called ad hoc deal capitalism. I noted that the practice was characteristic of developing countries and earlier times in the United States and that it was much less conducive to prosperity and freedom than capitalism based on the predictable rule of law.Link

Tags: , , , ,

Productivity and Pay: is the link broken?

Productivity and Pay: is the link broken? Lawrence Summers, November 2017, Paper, “After growing in tandem for nearly 30 years after the second world war, since 1973 an increasing gap has opened between the compensation of the average American worker and her/his average labor productivity. Brynjolffson and McAfee (2014) use the phrase “the great decoupling” to describe this phenomenon; Bivens and Mishel (2015) refer to it as a “historic divergence”. In recent years discussion has centered on understanding why this phenomenon has occurred and how policy should respond.Link

Tags: , , , , , ,

‘It’s crazy for a president to wrap himself in the stock market’

‘It’s crazy for a president to wrap himself in the stock market. Lawrence Summers, November 8, 2017, Audio, “Larry Summers thinks it’s “crazy” that President Donald Trump spends so much time bragging about how great he’s been for the stock market.  The former Treasury secretary and current Harvard professor argues that Trump, who tweets regularly about new stock market records, is setting himself up for a crushing blow if markets tumble.Link

Tags: , , , , , ,

Three (almost) inexplicable parts of the Republican tax plan

Three (almost) inexplicable parts of the Republican tax plan. Lawrence Summers, November 5, 2017, Opinion, “With the release of the Republican tax proposal, the most important tax debate in a generation is in full swing. Most reasonable experts agree that tax reform has the potential to spur investment and raise wages while also simplifying the system and increasing its fairness and legitimacy. The right question for debate is not the desirability of tax reform or even of business tax reform directed at spurring investment. It is the likely economic effect of particular proposals.Link

Tags: , , , ,

What I do support in a new tax plan

What I do support in a new tax plan. Lawrence Summers, October 25, 2017, Opinion, “I have been very sharply critical of what I regard as unprofessional exaggeration by advocates of the Trump tax proposal. Reasonably enough, people have asked what I am for. I strongly support tax reform in general and especially corporate tax reform on the model of the highly successful bipartisan 1986 tax reform, which achieved very large rate reductions, spurred economic growth and improved the efficiency of the economy while being revenue- and distribution-neutral.Link

Tags: , , ,