EVEN LARRY SUMMERS IS AGAINST AUSTERITY

In this WaPo op-ed, he explains why the GOP's drive for austerity won't work:

Yes, fiscal restraint is necessary in the medium term to contain financial risks. But unlike in the 1990s, when reduced deficits stimulated investment by bringing down capital costs, fiscal restraint cannot be relied on to provide stimulus now when long-term Treasurys yield less than 2 percent.