Poor Larry. It's just not his week, is it? First the Elizabeth Warren news and now he has to talk down tax cuts for the wealthiest Americans, also known as his best friends and former clients. How much can the poor guy take?
"With deficits looming as seriously as they are, why is now the right moment to lock in several hundred billion dollars of tax cuts for 2 percent of the population when we could be using those revenues to strengthen incentives for investment in the country's future?" Summers said.This does seem to suggest that the Obama administration is ready to stick with this position and fight, which is good news.
"I think the case is pretty clear, if you look at what the vast majority of economists are saying, (that) what will stimulate economy more are measures that are targeted at investments, it's measures that are targeted at research and development," he continued. "So I think those are the right steps forward."
