Larry Summers Pens Op-Ed Taking Aim at Size of Biden’s Stimulus Bill

Date: 2021-02-05 23:25:13

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For a second this morning, it seemed President Joe Biden might back down from his $1.9 trillion plan to help the pandemic-battered U.S. economy. Politico reported the White House was listening to warnings from former Treasury Secretary Larry Summers not to go too big.

But then the January jobs report came out, and it was pretty bad, and big relief was back on the menu. Biden and many around him rushed to say they feared doing too little rather than too much, displaying a shocking degree of learning from the mistakes of President Barack Obama. These were also partly the mistakes of Larry Summers, who helped build Obama’s inadequate stimulus package in 2009, notes Karl Smith. Summers says spending too much now will make it harder to spend more on infrastructure later, but Karl counters there’s no basis for such fear. In fact, a strong economy could help us better afford to upgrade its foundations.

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