If You Hate Trump, You Should Read Larry Summers' Blog

If you'd like some anti-Trump fodder with more policy analysis and less ad hominem rhetoric, listen to the new episode of Freakonomics:"Why Larry Summers is the Economist Everyone Hates to Love" . . . Summers is the abrasive genius who has acted as US Treasury Secretary, chief economist for the Obama administration and the world bank, and president of Harvard-- until some remarks he made were deemed sexist and he resigned . . . anyway, Summers explains why many of Trump's economic policies are misguided, why his credibility (or lack thereof) is important to economic issues, and why we can't streamline the government to the extent that conservatives would like; here are a couple of things that I liked:

1) Summers thinks Trump is right in principle about corporate tax reform, though the administration hasn't implemented any policy on this (and Summers has no confidence that they have the know-how to do so) and he uses this wonderful library analogy to explain what we've been doing for the past seven years with corporate taxes:

Permit me an analogy here. Imagine that you are running a library and that there is a substantial volume of overdue books. You might offer amnesty to get people to return the books. You might announce you will never offer amnesty, so people will take fines seriously and return the books. Only an idiot would put a sign on the door saying, “No amnesty now, but we’re thinking hard about amnesty for next month.

You laugh, but American corporations have $2 trillion-plus overseas. If they bring that cash back right now, they pay 35 percent. If you’ve picked up any newspaper in the last seven years, you’ll know that Congress has been actively debating changes to that policy—for seven years. Just like the sign on the door of the library saying they’re thinking about amnesty for next month. It would be hard to conceive a policy better designed to keep that cash outside the US and not invested in the US than the policy we have pursued. That’s why I stress business tax reform as important for economic growth.

2) Summers explains why the government can't be downsized . . . he has several reasons, all of which he explains on his blog-- the piece is short and worth reading-- but the most telling statistic is that the relative price of a TV and a day in the hospital has changed by a factor of 100 since the 1980's;

3) I also like this piece about how "America needs its unions more than ever" about how the balance in power has shifted dramatically from the employee to the employer, and that's not changing any time soon (case in point, my groceries were delivered at 4:45 AM this morning, it was pitch black and the dog started barking when a guy in an Amazon Fresh truck pulled up, got out with a flashlight, and exchanged the containers on our porch . . . all hail Amazon . . . but I hope that guy was getting some overtime pay).