Friday, November 17, 2023

The Pronouncements Of Larry

One thing about Summers is that he is slippery. He almost always includes little caveats in his writing even though his prescriptions are made with 100% certainty. The piece which kicked off the war on expansionary fiscal policy contained this line:

He gave 1/3 odds to each of 3 scenarios, and precisely none of them actually happened.  Still everyone decided Larry Was Right and he got what he wanted - a curtailing of the nice things the country briefly had.