Summers backs extension of Bush tax cuts

[Eugene]

Source: CBS News

June 6, 2012 11:34 AM

Summers backs extension of Bush tax cuts

By Corbett B. Daly

(CBS News) Another ally of President Obama on Wednesday came out against the president's position that tax rates on the wealthiest Americans should rise next year.

Lawrence Summers, who led the White House National Economic Council in early years of the Obama administration, said Congress should temporarily extend tax cuts set to expire at the end of the year.

"The real risk to this economy is on the side of slow down, certainly not on the side of overheating, and that means we've got to make sure that we don't take gasoline out of the tank at the end of this year," Summers said on MSNBC, "that's gotta be the top priority."

"We've got to make sure that we keep providing energy to the economy. In the areas where we have done that, like manufacturing, with the support for the automobile industry, we haven't had great results, but we have had much better results," Summers added.

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Read more: http://www.cbsnews.com/8301-503544_162-57448217-503544/summers-backs-extension-of-bush-tax-cuts/

[AZ Progressive]

1. Uhhuh, the same person who promoted the repeal of the Glass-Steagall Act?

Just because he worked for Democrats doesn't mean that he really is one.

[kentuck]

2. Well, that is a real surprise !

Not!

[TheWraith]

3. Note that he doesn't say anything about cuts for the rich.

He's referring here to demand side, i.e. people making average wages and needing that money to buy cars. But of course that's spun as "coming out against the President's position."

[Wilms]

6. In other words, you're claiming that Summer's wasn't advocating for an extension for the rich?

Hurry back with a link supporting that. OK?

[TheWraith]

8. How about you provide a link proving the spin?

Unless you care to just take CBS' word for it that talking about not taking money out of the pocket of people buying cars is the same thing as advocating for the super rich.

[Wilms]

9. Are you ignoring the story or trying to too?

It says he favors an extension of the tax-cut. Where's the spin. If he said it should expire ONLY for the rich do you think CBS would have left that out?

Wow. With Democrats like you, who needs Boehner's response?

[RT Atlanta]

4. This chaps me

There was a really good TEDx discussion on this point posted on here a few weeks back. Summarizing what we already know/believe, if tax cuts for wealthy created jobs, our country would be drowning in jobs right now.... We are not!

Let the fucking things expire as was intended when the tax cuts were passed with a "sunset" provision in them (because the congressional lapdogs wouldnt have the cajones to turn around and legislate the cuts out of existence).

[leftyohiolib]

7. That was nick hanauer. randi rhodes played nick's speech a couple of times on her show

[KansDem]

5. Still flinging the equine excrement

"The real risk to this economy is on the side of slow down, certainly not on the side of overheating, and that means we've got to make sure that we don't take gasoline out of the tank at the end of this year."



Hey, Larry! We've had 30 years of Reagan's "trickle down" and 10 years of Bush tax cuts and the economy is in the crapper. It should be obvious even to you: tax cuts do not create jobs!

[librechik]

10. duh n/t