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“When I see a coalition of Josh Hawley, Bernie Sanders and Donald Trump get behind an idea, I think it’s time to show up for coverage.”
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This is Larry Summers, the former Treasury Secretary who is said to have advised President-elect Joe Biden, telling Bloomberg News why he believes the $ 2,000 stimulus controls would be a “pretty serious mistake” that could overheat the ‘American economy. “When you see the two extremes agree, you can almost be sure there’s something crazy in the air,” Summers added.
UPDATE: President Donald Trump signed the stimulus bill Sunday night, after a four-day delay. In a statement, Trump said Congress would vote to increase individual payments from the current $ 600 to $ 2,000, although many questions still needed to be answered.
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House Democrats last week tried to increase the size of aid from $ 600 to $ 2,000, but were blocked by Republicans, who have split with Trump in the package. House Speaker Nancy Pelosi said she would hold another vote Monday.
Summers told Bloomberg that it would be better to have incentives than not, but that is not the answer to promoting consumer spending with cash. He said “he’s not even sure he’s so excited about the $ 600 checks.” Watch the full interview: