Latest news with #Summers
Mint
6 days ago
- Business
- Mint
Larry Summers Says Trump Policies Are ‘Scarily' Like Argentina's Peron
Former Treasury Secretary Lawrence Summers warned that President Donald Trump's policies risk putting the US on a similar path to that of postwar Argentina, which descended from being a relatively advanced developed nation into an economic laggard. 'Argentina went completely off track because of decisions made in a few years by an elected — through a democracy — leader who pursued autocracy rather than venerating democracy,' Summers said on Bloomberg Television's Wall Street Week with David Westin. 'And that should be a cautionary tale for everyone in the business community and everyone involved in our political process.' The late Juan Perón founded a populist movement in 1946 at a time when Argentina was grouped by some observers with the likes of Canada, Australia and New Zealand as a sophisticated economy with abundant natural resources. Peronism championed import substitution and high tariffs in an effort to stoke Argentina's domestic industry. Trade protectionism was 'the key policy' leading to its economic downfall, according to a 2023 assessment published by the think tank OMFIF. 'Over time, as the nationalism took hold, as economic success became more and more about who is friends with the government — and less and less about who was really good at producing products and competing with foreigners — Argentina's economic performance became calamitous,' said Summers, a Harvard University professor and paid contributor to Bloomberg TV. 'It's a model that, if you think about it, is scarily reminiscent of what we are doing right now.' Summers highlighted that the US does have 'highly resilient institutions' and strengths such that Argentina didn't have when Peron came to office. But he drew parallels with the South American nation's authoritarian past including protectionism, 'a cult of personality around the leader' and attacks on parts of civil society such as media outlets, universities and law firms. The autocratic experiences of postwar Argentina, along with a number of European nations after World War I 'are very cautionary lessons that I think Americans need to pay more attention to and frankly, need to be more widely discussed,' Summers said. Trump and his cabinet chiefs have argued that the steep tariffs he's threatened have given Washington leverage with trading partners, and that deals with some nations will provide a major opportunity for the US to expand its exports. They have also hailed pledges for major investment projects from a slew of other countries and companies, totaling trillions of dollars. Summers expressed skepticism about some of those promises. 'You don't know what they mean, because you don't know what the baseline would have been,' he said. The former Treasury secretary also cautioned that there's going to be 'a lot of investment that goes out — because we're making ourselves such a more problematic hub for production when we're raising the price of all the inputs.' Trump has imposed or planned tariffs on a number of products used in making manufactured goods, such as steel, aluminum, semiconductors and copper. 'I suspect the consequence of some of this may well be a manufacturing sector that is both quantitatively smaller and qualitatively inferior,' he said. More broadly, Summers said 'we are alienating the rest of the world' with protectionist and nationalist policies. 'Higher priced inputs, much more uncertainty for investors and alienating of customers can't be the right strategy,' he said. 'There's a winner here — there really is a winner here in the strategy that we are pursuing. His name is Xi Jinping,' Summers said, referring to China's president. This article was generated from an automated news agency feed without modifications to text.
03-08-2025
- Politics
Larry Summers says Trump's accusations of manipulated jobs numbers are ‘preposterous'
Former Treasury Secretary Larry Summers called President Donald Trump's accusation without evidence that the top Bureau of Labor Statistics official manipulated jobs report numbers "a preposterous charge" on Sunday. Speaking with "This Week" anchor George Stephanopoulos, Summers cast doubt that one official would be able to change the numbers. "These numbers are put together by teams of literally hundreds of people following detailed procedures that are in manuals. There's no conceivable way that the head of the BLS could have manipulated this number," Summers said. Trump blasted Erika McEntarfer, the commissioner of Labor Statistics, after the release of some disappointing jobs numbers on Friday and the revision downward of previous reports and said he had fired her for manipulating the figures for political purposes. "This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000. These were Records -- No one can be that wrong? We need accurate Jobs Numbers," Trump posted to his social media platform. Stephanopoulos asked Summers, "I guess this firing of the BLS commissioner goes in the category of shocking but not surprising?" "This is way beyond anything Richard Nixon ever did," Summers said of Trump's firing McEntarfer. "I'm surprised that other officials have not responded by resigning themselves, as took place when Richard Nixon fired people lawlessly."
Perth Now
01-08-2025
- Health
- Perth Now
Pregnant Aussie mum forced into emergency delivery by cancer shock
A mother has told of the moment she was left unable to talk as doctors diagnosed her with cancer, just weeks before she was due to give birth. Kezia Summers, 34, from Perth in WA, was forced into an emergency delivery after being called into hospital in the early hours of July 25 when a sinister find was picked up during routine antenatal blood tests. 'It was huge — I was absolutely speechless,' she told 'It's just not something that I thought would happen to someone like me. 'No one in my circle has had cancer.' The former singing teacher was diagnosed with acute myeloid leukaemia (AML), an aggressive form of cancer impacting the blood and bone marrow. There had been little warning something was wrong, other than feeling a little more breathless and sapped of energy at the end of the day — symptoms that could easily be attributed to her pregnancy. 'They broke the news to me very gently, saying this is what we've found and explaining how my red and white blood cell counts were low, how my platelet count was low, treatment options and how the baby would have to come in the next 24 hours,' the mother-of-three said. 'In that moment, I was just thinking about how it would affect my baby.' Kezia Summers and baby Joseph. Credit: Kezia Summers The following day, Summers gave birth to a little boy named Joseph via caesarean. He arrived healthy and weighing 3.1kg, five weeks before his due date. He has spent some time in the neonatal intensive care unit with minor breathing difficulties, but has recovered well. Summers said she has had some 'beautiful moments' with her new bundle of joy and young family. 'It's been the hardest thing ever,' she said. 'You feel guilty over everything. 'I've had fever and temps from the cancer, and shoulder tip pain, so I haven't been able to see him and hold him as much as I'd like, because I've just been so unwell.' Kezia Summers with husband Luke and two boys Jacob and Solomon, before the arrival of Joseph. Credit: GoFundMe Summers spoke to on Friday as she began the first of four rounds of chemotherapy at Fiona Stanley Hospital, where she is expected to be for some time. Her husband Luke has juggled being by her side, being with their children and his new lawn care business, which he launched just six months ago. 'My husband has been my rock,' Summers said. 'I can't imagine what this experience would be like without him.' 'He's been staying with me overnight and then racing to work. 'He's been a massive strength for me.' Relatives have provided invaluable support too, and she has also found strength from generous loved ones and strangers who have contributed to a GoFundMe set up to support the young family over the coming months. 'I'm so thankful,' she said. 'There are many people I don't know or haven't seen in a long time that have donated — I'm absolutely speechless. 'I feel undeserving. I'm just a regular mum and I don't have enough words to say thank you. 'It's such a blessing.'
7NEWS
01-08-2025
- Health
- 7NEWS
Pregnant Perth mum forced into emergency delivery after learning she has cancer
A mother has told of the moment she was left unable to talk as doctors diagnosed her with cancer, just weeks before she was due to give birth. Kezia Summers, 34, from Perth in WA, was forced into an emergency delivery after being called into hospital in the early hours of July 25 when a sinister find was picked up during routine antenatal blood tests. 'It was huge — I was absolutely speechless,' she told 'It's just not something that I thought would happen to someone like me. 'No one in my circle has had cancer.' The former singing teacher was diagnosed with acute myeloid leukaemia (AML), an aggressive form of cancer impacting the blood and bone marrow. There had been little warning something was wrong, other than feeling a little more breathless and sapped of energy at the end of the day — symptoms that could easily be attributed to her pregnancy. 'They broke the news to me very gently, saying this is what we've found and explaining how my red and white blood cell counts were low, how my platelet count was low, treatment options and how the baby would have to come in the next 24 hours,' the mother-of-three said. 'In that moment, I was just thinking about how it would affect my baby.' The following day, Summers gave birth to a little boy named Joseph via caesarean. He arrived healthy and weighing 3.1kg, five weeks before his due date. He has spent some time in the neonatal intensive care unit with minor breathing difficulties, but has recovered well. Summers said she has had some 'beautiful moments' with her new bundle of joy and young family. 'It's been the hardest thing ever,' she said. 'You feel guilty over everything. 'I've had fever and temps from the cancer, and shoulder tip pain, so I haven't been able to see him and hold him as much as I'd like, because I've just been so unwell.' Summers spoke to on Friday as she began the first of four rounds of chemotherapy at Fiona Stanley Hospital, where she is expected to be for some time. Her husband Luke has juggled being by her side, being with their children and his new lawn care business, which he launched just six months ago. 'My husband has been my rock,' Summers said. 'I can't imagine what this experience would be like without him.' 'He's been staying with me overnight and then racing to work. 'He's been a massive strength for me.' Relatives have provided invaluable support too, and she has also found strength from generous loved ones and strangers who have contributed to a GoFundMe set up to support the young family over the coming months. 'I'm so thankful,' she said. 'There are many people I don't know or haven't seen in a long time that have donated — I'm absolutely speechless. 'I feel undeserving. I'm just a regular mum and I don't have enough words to say thank you. 'It's such a blessing.'
Otago Daily Times
27-07-2025
- Sport
- Otago Daily Times
Queen's HS pupil ‘excited' to be representing NZ
You can chase your dreams from anywhere. Charlotte Summers is proof of that. The gun footballer is the only player from the South Island to be selected in the New Zealand team to compete at the OFC under-16 women's championship in Samoa next month. "I'm very excited," Summers said. The Apia tournament is a qualifying event for the Fifa Under-17 Women's World Cup in Morocco later this year — that tournament is now being held annually — and New Zealand are out to defend their title. New Zealand, coached by Alana Gunn, who previously spent six seasons as head coach of the Canterbury Pride, have been drawn in group B alongside American Samoa, Solomon Islands and Tonga. Summers, 16, is part of an 18-strong squad, featuring 14 domestic players and four based in Australia and the Netherlands, and looks forward to testing herself. "I'm excited to get to know all the girls better and obviously playing football with them will be great," Summers said. "I'm excited to play the other countries. I think that'll be really cool." Summers, a striker or attacking midfielder, started kicking a football around at 7 when she joined Melchester Rovers, playing in a "wee boys team" that her father, David, helped coach. Melchester later amalgamated with several Dunedin clubs to form the Dunedin City Royals, where she now plays for the women's reserves team. Summers also plays representative football for the Southern United youth side, and represents the Queen's High School First XI, coached by Royals and Southern United defender Hannah Mackay-Wright, who is a teacher at the school. Mackay-Wright and Queen's director of sport Tessa Nicol both played representative football for New Zealand growing up and were great mentors. "It's great for us because they have some great experience," Summers said. Dunedin goalkeeping coach Tom Stevens, who has been an assistant with Southern United in the national league for several years, is part of the coaching team heading to Samoa. New Zealand kick off their title defence against Tonga on August 2. It will be a busy August for Summers, who will jump off the plane back home to head straight to Taupō for the girls premier tournament with Queen's for winter tournament week.
