Former CBO boss rips Larry Summers

In a letter to GOP leaders, former Congressional Budget Office Director Douglas Holtz-Eakin on Wednesday suggested White House advisor Larry Summers “should be back at Harvard,” for sending a letter to Republicans that insists the $787 billion stimulus is creating jobs.

Summers last week wrote to House Minority Leader John Boehner, R-Ohio, in response to GOP suggestions for creating jobs that were sent to Obama. Summers' response letter to Republicans blamed the nation's economic problems on the Bush administration policies and credited Obama's stimulus plan for positive economic changes.

But Holtz-Eakin said Federal Reserve Board action on monetary policies that began under Bush is the source of any real stimulus occurring in the economy and he said Obama's stimulus plan was “poorly designed” and has led to the loss of 3 million private-sector jobs since it was signed into law.

He called much of the bill “an expensive down-payment on the Obama agenda – not stimulus.”

Holtz-Eakin also included a warning about the Senate health care bill that was approved in committee on Tuesday.

He called said the bill creates an expensive new entitlement “that grows at 8 percent as far as the eye can see, faster than the economy or taxes,” and said the $1 trillion House health care plan is even worse because it paid for with “massive tax hikes, job-killing mandates and premium increases.”

 

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