Top White House Economic Advisor Hits Back At Critics Over Dire Economic Predictions
December 9th, 2010
01:39 PM ET
12 years ago

Top White House Economic Advisor Hits Back At Critics Over Dire Economic Predictions

WASHINGTON DC (CNN) - President Obama's departing top economic advisor Larry Summers hit back at Democratic critics accusing him of exaggerating the consequences of failing to pass the president's tax bill.

Summers surprised some lawmakers Wednesday when he warned Congress that not supporting the legislation could lead to a double-dip recession in 2011.

Filed under: Economy • Larry Summers • President Obama
soundoff (5 Responses)
  1. Democrats Class Warfare - Destroying the economy and country

    Let's face it, Obozo's economic advisors have little or no credibility at this point. They haven't been right about anything. But almost all agree that raising taxes (draining money from the private sector) at this stage of a weakling recovery is a DUMB MOVE. But none of that matters to the looney left that must maintain their class warfare strategy at all costs, including the economy and country.

    December 9, 2010 01:49 pm at 1:49 pm |
  2. darrell

    Larry, please shut-up and go back to Boston....we can win this fight without you!

    December 9, 2010 01:52 pm at 1:52 pm |
  3. Take America Back from the Libs

    Here is the "Real Issue"........
    1. Democrats have a problem and that problem is LIBERALS; (like when the guy who found the freezing snake...."if I pick you up and help you, do you promise me you won't bite me'.....and then after promising he would not bite him, the snake did....why....Because He is a Snake & that's what snakes do)
    2. Liberals consist of less than 20% in number in this nation.....Conservatives more than double that w/over 40%.
    3. Liberals know they will never have another opportunity as they did w/their man Obambi
    4. It is da ja voo with the Liberals....IE: Clinton

    Bottom line: to coin a phrase, actually made by Obambi: 'there was an election....uh uh uh... we won and..uh uh uh... your side lost".....You LIbs just need to GET OVER IT! If you cannot get over it, move to Venzuella.

    December 9, 2010 02:00 pm at 2:00 pm |
  4. Four and The Door

    "The extra growth that's forecast as a consequence of this bill will leave us with a higher GDP, more revenue collections, less social welfare collections..."
    This is the entire point of the across-the-board tax cuts. It's time to encourage growth of the economy instead of killing the goose that laid the golden egg as some Democrats in congress apparently prefer to do. Like it or not, the people who create jobs are not the ones in the unemployment lines or the ones living paycheck-to paycheck. They are the ones signing the front of the paychecks and increasing their taxes is not a good strategy for convincing them to hire more people.

    December 9, 2010 02:06 pm at 2:06 pm |
  5. stormerF

    You mean Larry the sleeper Summers,One who sleeps during the meetings.Just can't get it right,either raising taxes cuts the deficit or lowering taxes cuts the deficit? One thing is for sure the Dimocrats should have done this 6 or 9 months ago and not waited to the last of the year, just like DADT and the Dream Act.

    December 9, 2010 02:09 pm at 2:09 pm |