{"id":22959,"date":"2022-07-11T20:10:42","date_gmt":"2022-07-12T03:10:42","guid":{"rendered":"https:\/\/occupysf.net\/?p=22959"},"modified":"2022-07-11T20:17:23","modified_gmt":"2022-07-12T03:17:23","slug":"why-washington-cant-quit-listening-to-larry-summers","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2022\/07\/11\/why-washington-cant-quit-listening-to-larry-summers\/","title":{"rendered":"Why Washington Can\u2019t Quit Listening to Larry Summers"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/static01.nyt.com\/images\/2021\/06\/27\/business\/26DC-Summers-01\/26DC-Summers-01-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" alt=\"The former Treasury secretary Larry Summers steered debate over President Biden\u2019s $1.9 trillion pandemic relief package by warning of runaway inflation.\"\/><figcaption><em>The former Treasury secretary Larry Summers steered debate over President Biden\u2019s $1.9 trillion pandemic relief package by warning of runaway inflation.Credit&#8230;David Degner for The New York Times<\/em><\/figcaption><\/figure>\n\n\n\n<p>A longtime leading man of economics is no longer making America\u2019s policies. He\u2019s still driving a critical conversation around them.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.nytimes.com\/by\/jeanna-smialek\"><img decoding=\"async\" src=\"https:\/\/static01.nyt.com\/images\/2020\/07\/03\/reader-center\/author-jeanna-smialek\/author-jeanna-smialek-thumbLarge.png\" alt=\"Jeanna Smialek\" title=\"Jeanna Smialek\"\/><\/a><\/figure>\n\n\n\n<p>By&nbsp;<a href=\"https:\/\/www.nytimes.com\/by\/jeanna-smialek\">Jeanna Smialek<\/a><\/p>\n\n\n\n<ul><li>Published&nbsp;June 25, 2021 Updated&nbsp;July 6, 2021 (NYTimes.com)<\/li><\/ul>\n\n\n\n<p>Larry Summers has split his pandemic time between houses in Massachusetts and Arizona. He also seems to live inside the collective mind of the Washington economic establishment.<\/p>\n\n\n\n<p>When the 66-year-old veteran of the Clinton and Obama administrations talks, Washington\u2019s policy apparatus \u2014 journalists and think-tank types, economists and communications people, administration researchers and Capitol Hill staff \u2014 stops to listen. It disputes, debates and ultimately disseminates his ideas. Sometimes, it does so almost in spite of itself. Deploring the way he dominates the narrative is its own catalyst to his dominance, though his critics often miss the paradox.<\/p>\n\n\n\n<p>Mr. Summers spent his last White House stint as a top economic adviser, when the administration settled for a smaller Great Recession&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/07\/06\/us\/politics\/stimulus-bill-usa.html\">stimulus<\/a>&nbsp;package out of political practicality, and has since disputed criticism by saying he favored more spending then. He has spent 2021 protesting that the $1.9 trillion spending package the Biden administration passed in March was too large for reasons both political and economic, while fretting that the Federal Reserve will be too slow to sop up the mess. The result, he has warned, could be an overheating economy and runaway inflation.<\/p>\n\n\n\n<p>Other respected academics were repeating variations on the same theme, though most economists argued that a 2021 price pop was more likely to be short-lived. But it was Mr. Summers, a longtime Harvard professor, whose brash declarations worked a sort of nerd magic, drawing the boundaries of the debate and forcing the White House \u2014 one he largely supports \u2014 on the offensive.<\/p>\n\n\n\n<p>Mr. Summers had combined the swagger of a former Treasury secretary with the gravitas of a respected academic and punchy lines \u2014 the stimulus wasn\u2019t just a bad idea, according to him, it was the \u201c<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-20\/summers-says-u-s-facing-worst-macroeconomic-policy-in-40-years?sref=oZtxD6sa\" rel=\"noreferrer noopener\" target=\"_blank\">least responsible<\/a>\u201d policy in four decades \u2014 to set off a national conversation that was hard to ignore. Reactions&nbsp;<a href=\"https:\/\/www.motherjones.com\/politics\/2021\/02\/larry-summers-white-house-joe-biden-stimulus\/\" rel=\"noreferrer noopener\" target=\"_blank\">spilled out<\/a>&nbsp;of the White House and Janet Yellen\u2019s Treasury, which voiced respectful but firm disagreement. Republican lawmakers now invoke the stalwart Democrat\u2019s wisdom. Liberal commentators on Twitter smart at his statements.<\/p>\n\n\n\n<p>\u201cHe has always attached a large magnitude and a lot of force to whatever he\u2019s arguing at any point in time,\u201d said Jason Furman, a Harvard colleague who was also an Obama administration official.<\/p>\n\n\n\n<p>He said Mr. Summers\u2019s recent concerns about economic overheating were a \u201ccombination\u201d of helpful and harmful. They raised a valid worry, Mr. Furman said, but in a way that \u201cpolarized the debate.\u201d<\/p>\n\n\n\n<p>Being divisive makes Mr. Summers no less relevant, and maybe more. President Biden talked with him last month, The Washington Post&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/politics\/biden-summers-economy-call\/2021\/06\/03\/a353a676-c46c-11eb-8c34-f8095f2dc445_story.html\" rel=\"noreferrer noopener\" target=\"_blank\">reported<\/a>. White House officials respect his opinion and regularly engage with him along with a variety of other economic thinkers, an administration official said.<\/p>\n\n\n\n<p>When Mr. Summers began to warn about overheating early this year, it appeared, for a moment, that his clout might crack. Leading Democrats&nbsp;<a href=\"https:\/\/twitter.com\/JStein_WaPo\/status\/1357738640072445952\" rel=\"noreferrer noopener\" target=\"_blank\">dismissed<\/a>&nbsp;his ideas, and his loudest critics labeled them the dying gasp of a failed ideology of economic centrism, coming from a man who found himself disempowered in a more progressive Democratic administration.<\/p>\n\n\n\n<p>\u201cLarry Summers Is Finally, Belatedly, Irrelevant,\u201d&nbsp;<a href=\"https:\/\/newrepublic.com\/article\/161269\/larry-summers-finally-belatedly-irrelevant\" rel=\"noreferrer noopener\" target=\"_blank\">The New Republic declared<\/a>. The American Prospect labeled his arguments \u201c<a href=\"https:\/\/prospect.org\/blogs\/tap\/larry-summers-churlish-payback-to-biden\/\" rel=\"noreferrer noopener\" target=\"_blank\">churlish payback<\/a>\u201d from an egotist who didn\u2019t get a big administration job. (Mr. Summers, who was Treasury secretary from 1999 to 2001 and director of the National Economic Council from 2009 through 2010, has said he didn\u2019t want to work in the administration.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">8 Signs That the Economy Is Losing Steam<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Card 1 of 9<\/p>\n\n\n\n<p><strong>Worrying outlook.&nbsp;<\/strong>Amid persistently high inflation,&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/10\/business\/economy\/may-2022-cpi-inflation.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">rising consumer prices<\/a>&nbsp;and declining spending, the American economy is showing clear signs of slowing down, fueling concerns about a potential recession. Here are other eight measures&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/08\/business\/economic-indicators-showing-slowdown.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">signaling trouble ahead<\/a>:<\/p>\n\n\n\n<p><strong>Retail sales.&nbsp;<\/strong>The latest report from the Commerce Department showed that&nbsp;<a href=\"https:\/\/www.nytimes.com\/live\/2022\/06\/15\/business\/fed-reserve-meeting?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc#lower-retail-sales-are-the-latest-evidence-of-a-cooling-economy\">retail sales fell 0.3 percent in May<\/a>, and rose less in April than initially believed.<\/p>\n\n\n\n<p><strong>Consumer confidence.&nbsp;<\/strong>In June, the University of Michigan\u2019s survey of&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/30\/business\/economy\/economy-inflation-survey.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">consumer sentiment<\/a>&nbsp;hit its lowest level in its 70-year history, with nearly half of respondents saying inflation is eroding their standard of living.<\/p>\n\n\n\n<p><strong>The housing market.&nbsp;<\/strong>Demand for real estate has decreased, and construction of new homes is slowing. These trends could continue as interest rates rise, and real estate companies, including Compass and Redfin, have laid off employees in anticipation of&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/15\/business\/real-estate-brokers-lay-off-agents-amid-clear-signals-of-a-housing-downturn.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">a downturn in the housing market<\/a>.<\/p>\n\n\n\n<p><strong>Start-up funding.&nbsp;<\/strong>Investments in start-ups&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/07\/technology\/tech-start-up-funding.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">have declined to their lowest level since 2019<\/a>, dropping 23 percent over the last three months, to $62.3 billion.<\/p>\n\n\n\n<p><strong>The stock market.&nbsp;<\/strong>The S&amp;P 500&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/30\/business\/stock-market-worst-start-50-years.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">had its worst first half of a year since 1970<\/a>, and it is down nearly 19 percent since January. Every sector of the index beyond energy is down from the beginning of the year.<\/p>\n\n\n\n<p><strong>Copper.&nbsp;<\/strong>A commodity seen by analysts as&nbsp;<a href=\"https:\/\/www.nytimes.com\/2018\/08\/17\/business\/china-trade-war-copper-price.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">a measure of sentiment about the global economy<\/a>&nbsp;\u2014 because of its widespread use in buildings, cars and other products \u2014 copper is down more than 20 percent since January, hitting a 17-month low on July 1.<\/p>\n\n\n\n<p><strong>Oil.&nbsp;<\/strong>Crude prices are up this year, in part because of supply constraints resulting from Russia\u2019s invasion of Ukraine, but&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/06\/business\/energy-environment\/oil-prices-decline.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">they have recently started to waver<\/a>&nbsp;as investors worry about growth.<\/p>\n\n\n\n<p><strong>The bond market.&nbsp;<\/strong>Long-term interest rates in government bonds have fallen below short-term rates, an unusual occurrence that traders call&nbsp;<a href=\"https:\/\/www.nytimes.com\/2018\/06\/25\/business\/what-is-yield-curve-recession-prediction.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;region=MAIN_CONTENT_1&amp;block=storyline_levelup_swipe_recirc\">a yield-curve inversion<\/a>. It suggests that bond investors are expecting an economic slowdown.<\/p>\n\n\n\n<p>But Republicans<a href=\"https:\/\/www.republicanleader.senate.gov\/newsroom\/research\/democrats-refuse-to-slim-down-their-bloated-partisan-spending-bill\" rel=\"noreferrer noopener\" target=\"_blank\">&nbsp;seized on his arguments<\/a>&nbsp;as&nbsp;<a href=\"http:\/\/transcripts.cnn.com\/TRANSCRIPTS\/2102\/07\/sotu.01.html\" rel=\"noreferrer noopener\" target=\"_blank\">evidence<\/a>&nbsp;of the administration\u2019s imprudent largess. Inflation became a primary political talking point on the right, and as the data confirmed that prices were rising \u2014 widely expected, albeit not so rapidly \u2014 the White House was forced to answer question after question about them.<\/p>\n\n\n\n<p>\u201cI want to ask you about some of the criticism by one of your former colleagues, Larry Summers,\u201d was how one reporter put it, among the several who invoked him by name.<\/p>\n\n\n\n<p>Mr. Summers became \u201ca political problem to deal with,\u201d said Jeff Hauser, director of the Revolving Door Project, a progressive advocacy group. His ideas can influence moderate congressional Democrats and make it harder to pass administration policies, Mr. Hauser explained.<\/p>\n\n\n\n<p>\u201cSummers is not irrelevant,\u201d he said.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/static01.nyt.com\/images\/2021\/06\/26\/business\/26DC-Summers-davos\/26DC-Summers-davos-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" alt=\"Mr. Summers, center, at the World Economic Forum in 2017. The Biden administration appears to have accepted his gadfly role.\"\/><figcaption>Mr. Summers, center, at the World Economic Forum in 2017. The Biden administration appears to have accepted his gadfly role.Credit&#8230;Jason Alden\/Bloomberg<\/figcaption><\/figure>\n\n\n\n<p>All evidence suggests that the Biden administration has accepted Mr. Summers\u2019s role as unofficial economics whisperer and frequent gadfly. While it has disputed his most damning critiques \u2014 \u201cIt\u2019s just flat-out wrong that our team is, quote, \u2018dismissive\u2019 of inflationary risks,\u201d the economic adviser&nbsp;<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/press-briefings\/2021\/02\/05\/press-briefing-by-press-secretary-jen-psaki-and-council-of-economic-advisers-member-jared-bernstein-february-5-2021\/\" rel=\"noreferrer noopener\" target=\"_blank\">Jared Bernstein protested<\/a>&nbsp;during a February news conference, referring to a particularly snippy Summers-ism \u2014 his students and prot\u00e9g\u00e9s pepper its ranks.<\/p>\n\n\n\n<p>Natasha Sarin, one of his co-authors, is a deputy assistant secretary for economic policy at the Treasury Department. Brian Deese, the head of the National Economic Council, was one of his aides during the 2008 financial crisis. The White House also benefits from Mr. Summers\u2019s support for Mr. Biden\u2019s infrastructure spending push.<\/p>\n\n\n\n<p>Many people who have served in top government jobs do stick around, commenting favorably on how their former team is doing. Others, like the former Treasury secretaries Timothy F. Geithner and Steven Mnuchin, fade out of the limelight. Few remain as front and center as Mr. Summers, or as apolitical and provocative.<\/p>\n\n\n\n<p>\u201cHe\u2019s driven toward trying to find out what\u2019s true rather than to give the politically correct answers,\u201d said Ray Dalio, founder of Bridgewater Associates, the world\u2019s largest hedge fund. \u201cThat\u2019s caused him a lot of trouble, but I like it.\u201d<\/p>\n\n\n\n<p>There is a logical reason to stay in the mix. He has devoted his professional life to economic policy. There are also speaking fees.<\/p>\n\n\n\n<p>\u201cHe takes pleasure in being not just a voice on issues, but also being a bit bombastic,\u201d said Julia Coronado, founder of MacroPolicy Perspectives. She noted that doing so \u201cserves him well economically\u201d: Mr. Summers, like many academic economists, makes some of his money from consultancies and speeches, which tend to pay more for in-demand headline makers who have reputations as big thinkers.<\/p>\n\n\n\n<p>Yet some blast Mr. Summers\u2019s overheating crusade as an intellectual flip-flop.<\/p>\n\n\n\n<p>After the Great Recession, Mr. Summers regularly acknowledged that the government\u2019s spending response had been too meager. After that, he argued for years that the global economy was confronting a serious problem. Demand was too low, savings too high, and inflation and growth destined to be tepid \u2014 a phenomenon he called \u201csecular stagnation,\u201d borrowing from an economist who was prominent during the 1930s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"styln-toplinks-title\">The State of Jobs in the United States<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Job gains continue to maintain their impressive run, easing worries of an economic slowdown but complicating efforts to fight inflation.<\/h3>\n\n\n\n<ul><li><strong>June Jobs Report<\/strong>:&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/08\/business\/economy\/jobs-report-june-2022.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;variant=show&amp;region=MAIN_CONTENT_3&amp;block=storyline_top_links_recirc\">U.S. employers added 372,000<\/a><a href=\"https:\/\/www.nytimes.com\/2022\/07\/08\/business\/economy\/jobs-report-june-2022.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;variant=show&amp;region=MAIN_CONTENT_3&amp;block=storyline_top_links_recirc\">&nbsp;jobs<\/a>&nbsp;and the unemployment rate remained steady at 3.6 percent \u200b\u200bin the sixth month of 2022.<\/li><li><strong>Care Worker Shortages:&nbsp;<\/strong>A lack of child care and elder care options&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/07\/business\/economy\/women-labor-caregiving.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;variant=show&amp;region=MAIN_CONTENT_3&amp;block=storyline_top_links_recirc\">is forcing some women to limit their hours or has sidelined them altogether<\/a>, hurting their career prospects.<\/li><li><strong>Downsides of a Hot Market:&nbsp;<\/strong>Students are forgoing degrees in favor of the attractive positions offered by employers desperate to hire.&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/06\/business\/economy\/the-potential-dark-side-of-a-white-hot-labor-market.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;variant=show&amp;region=MAIN_CONTENT_3&amp;block=storyline_top_links_recirc\">That could come back to haunt them<\/a>.<\/li><li><strong>Slowing Down:&nbsp;<\/strong>Economists and policymakers are beginning to argue that what the economy needs right now is less hiring and less wage growth.&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/06\/02\/business\/economy\/jobs-wages-inflation-powell.html?action=click&amp;pgtype=Article&amp;state=default&amp;module=styln-us-economy&amp;variant=show&amp;region=MAIN_CONTENT_3&amp;block=storyline_top_links_recirc\">Here\u2019s why<\/a>.<\/li><\/ul>\n\n\n\n<p>Stimulus stokes demand, and offered a hope out of the lackluster economic trap, so it seemed as if he should support it.<\/p>\n\n\n\n<p>The \u201centire secular stagnation schtick has been turned on its head without explanation,\u201d Mr. Hauser said.<\/p>\n\n\n\n<p>But Mr. Summers has said he takes issue not with the idea of spending aggressively to break the economy out of a malaise, but with the magnitude and style \u2014 the trillions spent to combat the pandemic downturn exceeded the size of the hole it blew in the economy, basically. He seemed to worry that if he didn\u2019t speak out, there would be too little discussion of the risks.<\/p>\n\n\n\n<p>\u201cOutsiders like me can make a positive contribution by raising concerns and being a bit of a pressure point against inertia,\u201d Mr. Summers&nbsp;<a href=\"https:\/\/twitter.com\/jeannasmialek\/status\/1394666798923014144\" rel=\"noreferrer noopener\" target=\"_blank\">said<\/a>, speaking at a May Atlanta Fed conference.<\/p>\n\n\n\n<p>In early June, The New York Times surveyed the economics departments at a handful of universities with notable economics programs \u2014 Princeton, Harvard, Berkeley, the University of Chicago, the Massachusetts Institute of Technology and Ohio State University \u2014 and many academics do share Mr. Summers\u2019s concerns. A sizable minority said they worry that inflation will rocket higher. And about half of respondents who work in macroeconomics agreed that the latest stimulus package was \u201csignificantly\u201d too large.<\/p>\n\n\n\n<p>That\u2019s the view inside the academy. The message from economists currently in power is different. Top Fed officials have said that sustained high inflation is not likely, and that they expect temporary data quirks and bottlenecks will fade.<\/p>\n\n\n\n<p>\u201cA pretty substantial part \u2014 or perhaps all \u2014 of the overshoot in inflation comes from categories that are directly affected by the reopening of the economy,\u201d Jerome H. Powell, the Fed\u2019s chair, said during congressional testimony on Tuesday.<\/p>\n\n\n\n<p>The White House also accepts that inflation could soar too high, a point the Biden economic team began making more explicitly after Mr. Summers expressed his concerns. But that is not their forecast, and it wasn\u2019t enough to keep it from passing its $1.9 trillion stimulus.<\/p>\n\n\n\n<p>Nor has it rocked the Fed meaningfully from its patient course: Mr. Summers has called for the central bank to stop&nbsp;<a href=\"https:\/\/twitter.com\/LHSummers\/status\/1394313262385274881\" rel=\"noreferrer noopener\" target=\"_blank\">buying mortgage-backed bonds<\/a>. While the Fed has said that it\u2019s now talking about slowing those purchases, it hasn\u2019t yet. Fed officials did pencil in possible rate increases for 2023 at their June meeting, and they marked up their estimates of inflation this year.<\/p>\n\n\n\n<p>Mr. Summers takes comfort in the attention the Fed has recently paid to inflation risks. But he had previously said there was a one-third chance that the Fed would allow inflation to run out of control, a one-third chance that it would cause a recession by lifting rates to curb price gains, and a one-third chance that everything would turn out fine \u2014 and, he said in an interview, he still thinks that assessment is basically correct.<\/p>\n\n\n\n<p>Mr. Summers could turn out to be right. Inflation has moved up faster than economists anticipated this year. But he could yet be proved wrong, since part of the increase in prices was broadly expected and much of the rest came from categories affected by reopening wiggles, like airplane tickets and used cars. If price gains fall back into line after a bout of pandemic weirdness, there\u2019s little reason for them to be destabilizing or problematic, from the Fed\u2019s perspective.<\/p>\n\n\n\n<p>Whether or not Mr. Summers turns out to be the sage of Scottsdale and Brookline, his staying power is perhaps best understood as a statement about what he represents: the belief that government spending has real if hard-to-know boundaries, and that trying to measure and work within economic and practical limits can lead to better policymaking.<\/p>\n\n\n\n<p>Those ideas are out of vogue among progressives, who embrace deficit spending and assessments of policy success that put more weight on the risk of underreacting. But Mr. Summers\u2019s continued resonance in Washington \u2014 his words shaping policy debates that he is no longer, technically, integral to \u2014 shows that going out of fashion isn\u2019t the same as going extinct.<\/p>\n\n\n\n<ul><li><a href=\"https:\/\/help.nytimes.com\/hc\/en-us\/articles\/115014792127-Copyright-notice\">\u00a9&nbsp;2022&nbsp;The New York Times Company<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A longtime leading man of economics is no longer making America\u2019s policies. He\u2019s still driving a critical conversation around them. By&nbsp;Jeanna Smialek Published&nbsp;June 25, 2021 Updated&nbsp;July 6, 2021 (NYTimes.com) Larry Summers has split his pandemic time between houses in Massachusetts and Arizona. He also seems to live inside the collective&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2022\/07\/11\/why-washington-cant-quit-listening-to-larry-summers\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/22959"}],"collection":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/comments?post=22959"}],"version-history":[{"count":2,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/22959\/revisions"}],"predecessor-version":[{"id":22961,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/posts\/22959\/revisions\/22961"}],"wp:attachment":[{"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/media?parent=22959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/categories?post=22959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/occupysf.net\/index.php\/wp-json\/wp\/v2\/tags?post=22959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}