5 Key Op-eds: Larry Summers says "Any budget deal will do"
Larry Summers (Getty Images)
July 12th, 2011
10:59 AM ET

5 Key Op-eds: Larry Summers says "Any budget deal will do"

1. “Time is of the essence, any U.S. budget deal will do.” Larry Summers, Financial Times.

 “Agreements reached now are subject to revision, potentially radical revision following next year’s election. Businesses are basing their investment decisions on the size of their current order books, not their guesses of fiscal policy in 2015. Consumers are deciding whether or not to spend based on how confident they are that they can hold on to their jobs.”

2. “Our National Jobs Emergency.” Alan Blinder, Wall Street Journal.

“The fraction of the population that is employed (58.2%) is now lower than it was when the recession officially ended in June 2009 (59.4%). The share of the unemployed who have been jobless for more than six months is now a stunning 44.4%. In a strong labor market, that number would be in the teens. I could go on. All this adds up to a national jobs emergency. Tragically, however, it is not being treated as such.”

3.  “The Magic Lever.” David Brooks, New York Times.

“In the middle of the current budget negotiations, these Republicans argue that the tax increases the Democrats are proposing — ending some deductions for the affluent, hitting oil and gas companies — would be terrible for the economy. These unacceptable increases would be worse than the threat of national default, worse than a decade of gigantic deficits.”

4. “China is looking to its dynastic past to shape its future.” Francis Fukuyama, Financial Times.

“This “red culture” revival has nothing to do with the Communist Party’s original ideals of equality and social justice. Rather, it is being promoted by national party leaders as a means of strengthening stability in a country that has seen a massive rise in inequality in recent years. One of the songs not being promoted is the Marxist “Internationale,” with its call for revolution, lest this suggest the need for an Arab spring in China.”

5. “In South Sudan, can liberators build a nation?” Michael Gerson, Washington Post.

“In a new and fragile state, a great deal depends on the governing style of its first leader. A Mandela or a Mugabe may emerge, which places South Sudan in a unique position. The founder of the independence movement, John Garang, died in a plane crash in 2005. Garang was a charismatic, educated, Marxist-turned-Christian, rebel leader — a man who viewed tribalism as historical dead wood and wanted to lead southern Sudan into the modern world.  South Sudan’s first president, Salva Kiir, provides a vivid contrast in leadership.”

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  1. j. von hettlingen

    “The Magic Lever.” David Brooks, New York Times.
    The author wanted to project the people in the two camps – the Republicans and the Democrats – as wiseacres. Everybody seems to believe that their magic formula would solve the crisis. There is no such thing as a magic lever. It is all about COMMON SENSE.

    July 12, 2011 at 5:59 pm | Reply

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