Larry Summers: ‘I’m concerned that what is being done is substantially excessive’ ft.com/content/380ea8… via @financialtimes
Of course, his analysis implies he knows better than Yellen or Powell or the WH economic team, that he understands the correlation between stimulus and inflation in a way not supported by data, and that Biden's plan is entirely targeted toward COVID relief.
The American Jobs Plan is also about rebuilding infrastructure that deficit hawks like Summers let degrade, about enhancing US competitiveness in the future, about creating jobs and about addressing other deficiencies.
Notable among these deficiencies--and a target of a broad array of Biden plans--is not recovery from just from COVID but from 40 years of neo-liberal policies (like those supported by Summers) that have exacerbated inequality to dangerous and unsustainable levels in the US.
For all that-certainty about issues about which he should be uncertain, dishonestly reframing the debate to suit his arguments, etc.--at its core, this also comes down to ego, to the end finally being written to a frankly, unhappy, damaging chapter in Dem Econ policymaking.
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