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Saturday, November 26, 2016

Trump economic policies could cripple U.S. economy for generation


Economist Larry Summers
Larry Summers is an American economist, the Charles W. Eliot University Professor and President Emeritus of Harvard University, with a string of presidential political appointments dating back to the early 1900s. Yes, he's a Democrat, but more than qualified to comment on Donald Trump's economic policies. Larry Summers believes Trump's tax cuts plus relaxing regulations on financial institutions could trigger another economic crisis, lasting generations.

Anthony Scaramucci said in Fortune, one of the keys to Trump's economic plan is his simplification of the tax code. I am sure a majority of people will agree with that, as long as it doesn't favor the wealthy. He reiterates what many others have said, which is to repeal Dodd-Frank would result in disaster. But goes on to say that, like many laws in this country, it could stand tweaking. Here is a sample of Summers' analysis:
"What I'm worried about is that we're going to do tax cuts that are going to cripple government for a generation," Further, his opinion is that by repealing the estate tax, the wealthy in this country will simply protect their assets in a family trust. 
Harvard's President feels the government will have to take the lead in providing jobs for Americans out of work, currently 4.9% (but we know it is actually more). He says targeting prime infrastructure projects in need could help do the trick. In my opinion, we have to face up to the fact that technological advances plus the automation that has occurred over the last few years are good reasons for the unemployment. Summers says education is the answer and I agree.

But Trump has backed off many of the mandates he issued during the campaign and maybe, somehow, he will come to his senses here. We can only hope.


3 comments:

  1. Turning to Trump's tax proposals, which independent analysts say will skew toward the wealthy and cause massive budget deficits, Summers agreed there was no way to put the tax plan into effect without adding large levels of new debt. But, he said, the long term implications are what he finds most troubling.

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