Did Summers Go to College?

On February 9, 2010, in Background and Research, by Tiffiniy Cheng
Larry Summers probably should be crowned “dude reformer of the year”. He said, “To fully understand unemployment, we must consider the causes of recorded long-term unemployment. Empirical evidence shows that two causes are welfare payments and unemployment insurance. These government assistance programs contribute to long-term unemployment in two ways…
The second way government assistance programs contribute to long-term unemployment is by providing an incentive, and the means, not to work.”

Sarah Palin, on the other hand, made a remarkable point in her speech last weekend at the Tea Party convention in Nashville. We really have some colleagues in the tea party movement.

The problems that we face in the real world require real solutions and we’d better get to it because the risks that they pose are great and they’re grave. However, as Barry Goldwater said, we can be conquered by bombs, but we can also be conquered by neglect, by ignoring our Constitution and disregarding the principles of limited government. And in the past year, his words ring true. Washington has now replaced private irresponsibility with public irresponsibility. The list of companies and industries that the government is crowding out and bailing out and taking over, it continues to grow. First, it was the banks, mortgage companies, financial institutions, then automakers. Soon, if they had their way, health care, student loans. Today, in the words of Congressman Paul Ryan, the $700 billion TARP has morphed into crony capitalism at its worse. It is becoming a slush fund for the Treasury Department’s favorite big players, just as we had been warned about.

While people on main street look for jobs, people on Wall Street, they’re collecting billions and billions in your bailout bonuses. Among the top 17 companies that received your bailout money, 92 percent of the senior officers and directors, they still have their good jobs. And everyday Americans are wondering, where are the consequences for them helping to get us into this worst economic situation since the great depression? Where are the consequences?

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