The Summers Memo (The New Yorker, via Solari) - Printable Version +- Deep Politics Forum (https://deeppoliticsforum.com/fora) +-- Forum: Deep Politics Forum (https://deeppoliticsforum.com/fora/forum-1.html) +--- Forum: Money, Banking, Finance, and Insurance (https://deeppoliticsforum.com/fora/forum-7.html) +--- Thread: The Summers Memo (The New Yorker, via Solari) (/thread-8813.html) |
The Summers Memo (The New Yorker, via Solari) - Ed Jewett - 27-01-2012 From C. A. Fitts at Solari's blog: In a piece this week on Barack Obama's shift from idealism to pragmatism, I describe an important fifty-seven-page document from Lawrence Summers to President-elect Barack Obama dated December 15, 2008: Marked "Sensitive and Confidential," the document, which has never been made public, presents Obama with the scale of the crisis. "The economic outlook is grim and deteriorating rapidly," it said. The U.S. economy had lost two million jobs that year; without a government response, it would lose four million more in the next year. Unemployment would rise above nine per cent unless a significant stimulus plan was passed. The estimates were getting worse by the day.
This document is the ur-text of economic policymaking for the Obama Administration. Given the importance of this issue for understanding the past few years, I'm making the full document available below. (Click on the arrows in the lower left corner to expand.) I hope it ignites a lively debate.Read the full Memo [PDF] Here's the article...: January 23, 2012 THE SUMMERS MEMO Posted by Ryan Lizza In a piece this week on Barack Obama's shift from idealism to pragmatism, I describe an important fifty-seven-page document from Lawrence Summers to President-elect Barack Obama dated December 15, 2008: Marked "Sensitive and Confidential," the document, which has never been made public, presents Obama with the scale of the crisis. "The economic outlook is grim and deteriorating rapidly," it said. The U.S. economy had lost two million jobs that year; without a government response, it would lose four million more in the next year. Unemployment would rise above nine per cent unless a significant stimulus plan was passed. The estimates were getting worse by the day.
This document is the ur-text of economic policymaking for the Obama Administration. Given the importance of this issue for understanding the past few years, I'm making the full document available below. (Click on the arrows in the lower left corner to expand.) I hope it ignites a lively debate.DOCUMENT
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of 57» Official White House photograph by Pete Souza. KEYWORDS POSTED IN Read more [URL="http://www.newyorker.com/online/blogs/newsdesk/2012/01/the-summers-memo.html#ixzz1kc1Yk1jD"]http://www.newyorker.com/online/blogs/newsdesk/2012/01/the-summers-memo.html#ixzz1kc1Yk1jD [/URL] |