In response to an FT article by Larry Summers on 5th June 2016, entitled ‘The economic consequences of a Donald Trump win would be severe’
“If he is elected, I would expect a protracted recession to begin within 18 months. The damage would be felt far beyond the United States...in no election in my lifetime has a major party candidate for president been so dangerous for the economy…historical research suggests that presidents tend to carry out their major campaign promises”
Which historical research is that? Does it include these recent pledges made by President Obama for example?
1. The promise to close Guantanamo
2. The promise to reintroduce the assault weapons ban
3. The promise to bring all of the troops home from Afghanistan
4. The promise to meet the demand for housing in New Orleans
5. The promise to redirect the revenue from offshore oil and gas drilling to increase coastal hurricane protection
Clearly not. We could go back a bit further into history and dig up a few Republican truth telling pearls such as ‘Read my lips no new taxes’, or the classic “I’m not a crook”. Coming back to the Democrats, and at the risk of conflating the Clintons, how about “Let me be clear, I did not have sexual relations with those emails”.
The truth is Professor Summers, by your own admission; you have absolutely no ability to predict the economy. After years of reading the denial and the gloss you put on your own policy making history, I don’t think you’re even any good at predicting the past.
Secondly - what’s your alternative? Hillary Clinton? The candidate who said this:
“Don’t let anybody, don’t let anybody tell you that, ah, you know, it’s corporations and businesses that create jobs”
Do you need me to explain how dumb that is, or have you got it yet? How about the candidate who says she’ll ‘go after Wall Street’? Of course she will - she’s been going after Wall Street her entire career – Wall Street money.
I think you’re scared Professor Summers. I also think you’re in denial about your own mediocre performance in government, and the nature of the cronyism and the corruption that still infects policy making. I don’t care about the former. As for the latter, I think that you and your cronies are absolutely the last people I would choose to clean up the system.
To be totally clear - I distrust you and Hillary Clinton even more than I distrust Donald Trump.