Former US Treasury Secretary Larry Summers has been making the case that Joe Biden's COVID-19 relief plan is so large that it will likely trigger inflation. But his argument has a few glaring flaws – beginning with its failure to appreciate just how badly Americans need support today.
NEW HAVEN – US President Joe Biden’s proposed $1.9 trillion pandemic recovery plan has been welcomed by many, especially on the left, who argue that such an ambitious, well-targeted strategy is precisely what this moment demands. Not surprisingly, many on the right oppose it, ostensibly over concerns about fiscal sustainability. But questions are also being raised by one high-profile Democratic stalwart: Lawrence H. Summers.
NEW HAVEN – US President Joe Biden’s proposed $1.9 trillion pandemic recovery plan has been welcomed by many, especially on the left, who argue that such an ambitious, well-targeted strategy is precisely what this moment demands. Not surprisingly, many on the right oppose it, ostensibly over concerns about fiscal sustainability. But questions are also being raised by one high-profile Democratic stalwart: Lawrence H. Summers.