Former Treasury Secretary Larry Summers criticized both the scale and direction of the Biden administration’s fiscal policies in a Financial Times interview.
Instead of applauding its boldness, he fears they will lead to significant overheating and waste of resources: “I’m concerned that what is being done is substantially excessive.”
“If Summers is wrong, it will matter little. If he is right, the hopes for a transformative presidency are likely to end in catastrophic economic and political disappointment. It is an immensely important argument.”Save to Favorites