{"id":185302,"date":"2011-08-03T21:43:00","date_gmt":"2011-08-04T02:43:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/08\/03\/signs-of-the-apocalypse-i-think-that-larry-summers-is-right\/"},"modified":"2011-08-03T21:43:00","modified_gmt":"2011-08-04T02:43:00","slug":"signs-of-the-apocalypse-i-think-that-larry-summers-is-right","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/08\/03\/signs-of-the-apocalypse-i-think-that-larry-summers-is-right\/","title":{"rendered":"Signs of the Apocalypse:  I think That Larry Summers is Right"},"content":{"rendered":"<p>He is saying that we are <a href=\"http:\/\/www.washingtonpost.com\/opinions\/moving-forward-after-the-debt-deal\/2011\/08\/02\/gIQAMWP7pI_story.html\">in danger of having a double dip recession<\/a>:<\/p>\n<blockquote><p>On the current policy path, it would be surprising if growth were rapid enough to reduce unemployment even to 8.5 percent by the end of 2012. A substantial withdrawal of fiscal stimulus will occur when the payroll tax cuts expire at the end of the year. With growth at less than 1 percent in the first half of this year, the economy is effectively at a stall and facing the prospects of shocks from a European financial crisis that is decidedly not under control, spikes in oil prices and declines in business and household confidence. The indicators suggest that the economy has at least a 1-in-3 chance of falling back into recession if nothing new is done to raise demand and spur growth.<\/p><\/blockquote>\n<p>Considering Larry Summers&#8217; record, I would put this to a stopped clock being right twice a day, but I agree with him.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He is saying that we are in danger of having a double dip recession: On the current policy path, it would be surprising if growth were rapid enough to reduce unemployment even to 8.5 percent by the end of 2012. A substantial withdrawal of fiscal stimulus will occur when the payroll tax cuts expire at &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,1089,979],"tags":[],"class_list":["post-185302","post","type-post","status-publish","format-standard","hentry","category-economy","category-recession","category-wanker"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185302"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=185302"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185302\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=185302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=185302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=185302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}