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“When I see a coalition of Josh Hawley, Bernie Sanders and Donald Trump behind an idea, I think it’s time to run for cover.”
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It’s Larry Summers, the former Treasury Secretary, who allegedly advised President-elect Joe Biden and explained to Bloomberg News why he believes $ 2,000 stimulus checks would be a ‘fairly serious mistake’ that could hurt the US economy. overheated. “When you see that the two extremes match, you can almost be sure that something is 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 have yet to be answered.
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House Democrats last week sought to increase the size of relief payments from $ 600 to $ 2,000, but were blocked by Republicans, who tore Trump apart on the package. House President Nancy Pelosi said she would vote again on Monday.
Summers told Bloomberg that it would be better to have stimulus than not, but that boosting consumer spending with cash is not the answer. He said he was “not even sure I’m that enthusiastic about the $ 600 checks.” Watch the full interview: