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Larry Summers Concerned Biden's $1.9 Trillion Covid Stimulus Is Too Big
Posted
February 5, 2021
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February 5, 2021
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2:47Now PlayingLarry Summers is concerned that President Joe Biden’s $1.9 trillion Covid relief package is too big. What makes his point especially noteworthy — besides the fact that he is Larry Summers — is that he also readily admits that former President Barack Obama’s 2009 stimulus, of which he was one of the main architects, was too small.
This time he says, is different. He has crunched the numbers and concluded that the 2021 economy needs far less help than the 2009 economy did — yet Biden’s plan would provide about triple the boost of Obama’s. That’s overkill by any reasonable assessment, and Summers says it raises serious risks.
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