Tuesday, February 24, 2015

Sandwichman — Larry Summers Tells It Like It Is

We can debate whether it's the cause of dependence or whether it is caused by policies that promote dependence. But I think it is very hard to believe that a society in which the fraction of people in -- choose whatever your most prime demographic group is that should be working, whatever that group is, a society in which the fraction of them who are not working is doubling in a generation and seems to be on an upward trend is going to be a society that is going to function well, or at least function well without major social innovations. 
And I would want to leave you with that concern as there whether you think it's due to technology or whether you think it's due to globalization, or whether you think it's due to the maldistribution of political power, something very serious is happening in our society.
Larry Summers Tells It Like It Is


Ralph Musgrave said...

So Summers is concerned about unemployment. Hilarious. It was Summers who campaigned for the abolition of Glass-Steagall, which helped spark off the credit crunch, which has led to 5 years of excess unemployment.

Roger Erickson said...

Summers is now breaking his own, #1 Rule?


1st Rule of Upper Looting Class: "insiders don't criticize insiders"


"In the spring of 2009, after the panel issued its third report, critical of the bailout, Larry Summers took Warren out to dinner in Washington and, she recalls, told her that she had a choice to make. She could be an insider or an outsider, but if she was going to be an insider she needed to understand one unbreakable rule about insiders: 'They don't criticize other insiders.' "