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Summers figures out that his economic plan won't work

by Howard Richman

According to an article by Matthew Benjamin, posted at Bloomberg.com, Lawrence Summers realizes that his economic plan, the one that President Obama implemented, won't work. Here is a selection:

April 26 (Bloomberg) -- The U.S. economy will continue to contract “for some time to come,” said Lawrence Summers, director of the White House National Economic Council.

“I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on “Fox News Sunday.”

The International Monetary Fund, which held meetings last week in Washington, cut its forecast for each of the Group of Seven economies for this year and next. The IMF, established in 1944 to aid countries in financial crisis, said the U.S. economy would shrink 2.8 percent this year and have no growth in 2010, with unemployment rising to 10.1 percent.

It's great that Summers realizes that his plan won't work. Too bad this realization doesn't cause him to switch to a plan that would work, such as Warren Buffett's Import Certificates Plan.