The Jones Act is the hot trending topic of the day, and Larry Summers gave a very strong condemnation of it yesterday at the 2017 National Investment Center for Seniors Housing & Care (NIC) Fall Conference.
The event drew record attendance this year, and much of it is attributed to yesterday's opening session, a debate between former Speaker of the U.S. House of Representatives Newt Gingrich and former Treasury Secretary Lawrence H. Summers (or Larry Summers if you will)
The leader of the "Republican Revolution of 1994" ideologically sparred against the former Chief Economist and Vice President of the World Bank at the Sheraton Grand Chicago this morning on economic issues, primarily healthcare, which constitutes 18% of the economy.
Without a doubt, the highlight of the session was both men giving their take on why Roy Moore won the Alabama GOP Senate nominee run-off, and why Donald Trump won the Presidency. There are some of the same forces at work in both, we covered that at this link. You can hear the audio of that portion at that link too.
Here we have the full session audio for you below, and we pointed out the best quotes, passages and snippets, marking where they are for you to skip ahead to if you so desire.
Notable Quotables from the session yesterday-
-"If you want universal health care, the most conservative system--within the current structure--is to have a mandate and make rules that make it affordable."
-"It is in our country’s interest, when our native born population is not going to grow, to have immigrants who can support our aging population and to carry on the tradition of welcoming people. Those who want to see immigration only through the prism of walls and fences are misguided."
-The strong condemnation of the Jones Act, and the adverse effect it's having on Puerto Rico comes around the 51 mark. Summers goes on to say that the Hurricane Maria situation in P.R. is going to make Hurricane Katrina in New Orleans, look minor by comparison.
-Around the 41 minute mark, he says that the odds of getting a bill passed by November are 1/10, and 1/3 by Christmas.
He says that the biggest problem with the healthcare debate is that you have one side saying “repeal and replace, without anything else at all,” and another side "yelling medicare for all without saying how it's going to be paid for." (around the 19-20 mark)
When you're re-configuring 18% of the economy, and waiting for people who can’t wait for an analysis to be done in order to call for a vote, that’s not going to get it done, he points out.
-“I think we have a president who for whatever reason, chooses a path of polarization,” Larry Summers says around the 26 min mark
-He points out the North Korea existential crisis, the cataclysmic point that we have reached with health care, and instead Trump is tweeting about NFL players protesting during the national anthem.
-"The president will not get a 15% corporate tax rate, but it's a good battle cry. He will get it to 20%, and we will have a dramatic tax cut for small business."
-"I cannot overemphasize the importance of looking at online systems that allow us to take frontline workers and improve their jobs and careers to change the turnover model."
-"We should look at the use of autonomous systems and how to automate work in elder care. It will have a huge impact on the kind of labor you are looking for and increase productivity."
-Around the 12:30 mark he cites of the greatest quotes of all time, from one of the most immortal economists of all time- John Maynard Keynes. Asked why did his opinion changed, and he said “well, the facts changed and my opinion followed the facts.”
Earlier in the session, Newt alludes to and paraphrases Bismarck's "government is like sausage, you don't want to know how it's made.
-Around the 14-15 mark, he tries to paint the Dems as all being on the same exact page as Bernie Sanders, on this issue. At the 20 minute mark he makes a great point about the Republicans needed to give up repeal and replace Obamacare, because "as long as you keep using the title and say that, no democrat will ever be for it.
-"if you live in a city you’re going to want to move to Florida, and we can call the bill the “covert Floridian emigration act,” he says around the 33 minute mark.
He claims that typically the blue states have the highest taxation rates
Here is the full audio: Larry Summers vs Newt Gingrich
Paul M. Banks runs The Sports Bank.net and TheBank.News, which is partnered with News Now and Minute Media. Banks, a former writer for the Washington Times, NBC Chicago.com and Chicago Tribune.com, currently contributes regularly to WGN CLTV and Chicago Now.
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