Fmr. Treasury Sec. Summers: There Is No Economist Anywhere Saying That This Bill Is a Positive for the Economy

RUSH EXCERPT:
SUMMERS: "It is respectfully nonsense. None of us can forecast what’s going to happen to economic growth. What we can forecast is that when people have to hold government debt instead of being able to invest it in new capital goods, new machinery, new buildings, that makes the economy less productive. What we can forecast is that when we’re investing less in research and development, investing less in our schools, that there is a negative impact on economic growth. There is no economist anywhere without a strong political agenda who is saying that this bill is a positive for the economy, and the overwhelming view is that it is probably going to make the economy worse. Think about it this way. How long can the world’s greatest debtor remain the world’s greatest power? And this is piling more debt onto the economy than any piece of tax legislation in dollar terms that we have ever had."