Columnist Ryan Lizza’s in-depth New Yorker article (“The Obama Memos”) is an in-depth examination of the Obama administration’s handling of the U.S. economy. But unlike most op-eds, his column involves more than just speculation and conjecture. Lizza uses a 2008 “sensitive and confidential” memo written by the economist Larry Summers as one of the article’s chief resources.
For those unfamiliar with the memo’s author, Larry Summers is the former Director of the United States National Economic Council for President Obama. And although he resigned from this position in November 2010, as the White House’s chief economist he “played a leading role in crafting the administration’s interventions in the economy,” according to the Wall Street Journal.
Summers’ influence being understood, this 57-page memo helps explain why certain economic strategies and initiatives have been adopted, and in many cases maintained, by the Obama administration. But it does a little more than that: the memo also sheds some light on why the administration has failed to revive the economy.
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