Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I read it, but living here in a State where the cost of living is high and knowing the amount that unemployment pays, I will have to agree to disagree with Larrys assertion.
So, you dispute a scholarly article by citing your 'opinion.' Interestingly, Harvard is located in a high cost of living area, and yet Summers published findings that contradict your 'opinion.'
6 months seems like a reasonable time frame, therefore 6 months from now I will report back on this thread with the unemployment rate and net payroll data. GDP figures of course will be considered, but what really matters is the jobs.
However, to make one thing clear, the only new tax cut here is the temporary employer side SS cut. The rest is status quo, the only impact we will see is a psychological one, whereas uncertainty over the tax rates has been removed.
I agree 6 months is reasonable. I don't understand why the anks over my asking this question. If these Politicians are going to make a claim to gain support, then they better hope they can back it up. Obama was raked over the coals when unemployment continue to rise even after the stimulas because of the Forecast numbers he threw out. Grant it, no one has done it in this instance, but I sure as heck hope they begin to drop by mid next year to back up the notion that the extension is needed to help the economy and jobs.
"The theory of tax cuts as economic stimulus has been put to the test - and failed - twice in the past six years alone. As the prolonged recession leads more people to once again consider these same old tried-and-failed policies, it is important to revisit recent history.
Less than half the personal tax cuts—especially the types of high-end tax cuts favored by conservatives—are likely to be spent in the first two years. Most of it will be used to pay down debt, build savings, or buy imports - all uses of money that do not boost the U.S. economy.
Consider the $100 billion in personal tax rebates that were issued as part of a broader economic stimulus effort in 2008. Only about one-third of the total amount was spent. A University of Michigan study in December 2008 concluded that these rebates provided “little â€bang for the buck’ as economic stimulus.”
Here's what he said about those fun little things that helped to cause our current mess in 1998.
"the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies"
Until the causes of long-term unemployment (welfare payments and unemployment insurance) are removed, unemployment numbers won't go down.
Since that was written in 1986, and republished in the "Encyclopedia" 20yrs later, a lot of things have changed, including Summers opinion to some extent. Even in '86 he said that the biggest factor was lack of demand - which he stands by today:
At least uses current data to support your point of view. The most recent study based on current conditions asserts:
"The differential increase of 1.6 weeks for job losers is the presumed impact of extended UI benefits on unemployment duration. It is straightforward to translate this increase in unemployment duration into an effect on the unemployment rate, based on their proportional relationship and adjusted for the share of job losers in overall unemployment, which was about 67% in December 2009. The implied increase in the unemployment rate is quite small, slightly less than 0.4 percentage point, indicating that without UI extensions, the measured unemployment rate would have been 9.6% in December 2009 rather than the observed 10.0%."
We should expect unemployment to plummet immediately. Republicans expected change from day one of the new admin.
Tax cuts didn't work from '00-'08 and they aren't going to work now. Business will hire when consumers start consuming! It's the middle that needs relief...not the top! The extension is a joke and not fiscally prudent! It proves that the GOP meant it when they said deficits don't matter.
How funny! No doubt. Remember this chant six month from now, Where's the jobs??
Here's what he said about those fun little things that helped to cause our current mess in 1998.
"the parties to these kinds of contract are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies"
clearly a brilliant man worthy of our trust
Obama sure thought so ...
Quote:
"Obama named key members of his administration's economic team Monday, including New York Federal Reserve President Timothy Geithner as his Treasury Secretary nominee and former Harvard President Lawrence Summers as the director of the National Economic Council."
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
... 
