Larry Summers, the former U.S. Treasury Secretary and Harvard president, has spent decades hopping between elite institutions, leaving behind a trail of disastrous policies and offensive remarks. Yet, like a bad penny, he keeps reappearing—rehabilitated, revered, and ready to push the same neoliberal agenda that has worsened inequality and economic instability. It’s time to ask: why does polite society keep welcoming him back?
A Legacy of Failure
Summers’ career is a masterclass in failing upward. As Treasury Secretary under Bill Clinton, he championed financial deregulation, including the repeal of Glass-Steagall—a move that helped trigger the 2008 financial crisis. He dismissed warnings about derivatives, labeling critics like Brooksley Born as “irresponsible.” When the economy collapsed, ordinary Americans paid the price, while Summers walked away unscathed.
His tenure at Harvard was equally disastrous. Beyond the infamous “women in science” controversy—where he suggested biological differences explained gender disparities in STEM—he mismanaged the university’s finances, alienated faculty, and resigned in disgrace. Yet, he quickly rebounded, serving as a top economic advisor to President Obama during the Great Recession. His solutions? More bank bailouts, weak reforms, and policies favoring Wall Street over Main Street.
The Summers Doctrine: Always Wrong, Never in Doubt
Summers’ economic philosophy boils down to one rule: whatever benefits corporate America must be good for everyone. He pushed NAFTA without labor protections, advocated privatization of public services, and opposed progressive taxation—policies that hollowed out the middle class.
Even now, as inflation surges, Summers is back—warning that the real danger isn’t rising prices but workers earning too much. His solution? Higher unemployment to “discipline” labor. This is the same economist who dismissed 2021 inflation as “transitory,” only to later blame it on excessive stimulus (while ignoring corporate greed and supply chain failures). His ideas aren’t just wrong—they’re dangerous.
The Polite Society Rehabilitation Machine
The most frustrating part? Summers is still treated like a sage rather than a serial offender. The media critiques populists but gives Summers a pass, featuring him on CNBC, in The Washington Post, and in policy circles. Why? Because elite institutions value pedigree over track record. Summers embodies their unshakable—and misguided—confidence in their own wisdom.
But the world has changed. Neoliberalism’s failures—from wealth inequality to the climate crisis (which Summers once suggested poor nations should handle alone)—are undeniable. The idea that we should still listen to him is absurd.
Time to Close the Door
Polite society has a habit of forgiving powerful men. But Summers isn’t just another flawed figure—he’s a symbol of a broken system that rewards failure at the public’s expense. If we want a fair economy, we must stop legitimizing those who broke it.
Next time Summers appears with another dubious take, remember his legacy: deregulation, elitism, and indifference to suffering. Then change the channel.
Some people don’t deserve a second act. Larry Summers doesn’t even deserve a second glance.
