Summers Doubles Down Against Bigger Stimulus

I guess Larry Summers wasn’t happy with his brief Twitter trending position last week so he’s back and he’s doubling down! (Market Watch)

Last week, Summers referred to the possibility of $2,000 checks as “a pretty serious mistake” that could end up causing the U.S. economy to overheat.

The House adjourned after passing a stimulus with $600 dollar checks which Summers told Market Watch was better than passing one that had $2,000 checks,

It is far from clear what problem would be solved with universal checks reaching 94% of the population…There is no solution to the inequality or the macroeconomic distress associated with COVID that does not run dominantly through containing COVID and putting it in the rearview mirror and that needs to be the overwhelming priority for expenditures.

Larry Summers