Posted on 02/08/2021 8:43:49 AM PST by JV3MRC
One of former President Barack Obama’s National Economic Council directors shocked the internet by criticizing the enormity of President Joe Biden’s $1.9 trillion COVID relief proposal.
Progressive economist Larry Summers argued in a Feb. 4 op-ed that “much of the policy discussion [on the Biden COVID proposal] has not fully reckoned with the magnitude of what is being debated.” Summers pointed to two major issues: First, “there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation.” The second issue for Summers was that if Biden’s proposal was enacted, “Congress will have committed 15 percent of GDP with essentially no increase in public investment to address” challenges such as infrastructure.
The Financial Times (FT) reported that Summers op-ed sparked a backlash from Democrats. Apparently, a free-thinking progressive is taboo for left-wing politics.
Summers defended himself to FT that “'a $1.9tn programme on top of the $900bn programme passed in December raises concerns about inflationary pressures and about limiting space for profoundly important public investments.'”
(Excerpt) Read more at newsbusters.org ...
Which will effect other major aspects of our finances and economy.
We need Trump’s magic wand.
If it’s not a problem for the C CP what difference at this point does it matter?
We must destroy the village to save it!
Democrats’ economic strategy is to crush our national economy to the point we’re reliant on government for everything.
Keep fighting.
No price is to high when absolute power and control is your objective.
Shut up, Larry. Stay out of it.
Lot’s of people need that money and have needed it for months.
Oh STFU! This commie a-hole knew what was coming and supports it 100%. Let’s cut the “sound the alarm” BS.
This “stimulus” will be payoffs to political allies and bailouts for blue state & local governments, with enough actual stimulus payment sugar sprinkled on top to help us choke it down.
Now that the hard left has control of the government via a zombie Biden administration, it will be very hard for the few grownups left in the Democrat party hierarchy to control their greed.
Warns Biden Stimulus Poses ‘Big Risks’
We tried that remember oh never mind.
You know, for this obamaumao a@@wipe from Hahhhhhvahhhd Yahhd to be mouthing off again on practices he and obamaumao did to a fare thee well— a targeted gibs me dat fair thee well to their mobster constituencies.... well it rings hollow.
This is a message to the rest of the gobblers who base their entire “genius” in the “market” on what the government largesse can fund them with-— with BORROWED unsupported by revenue ever Federal Reserve monopoly money. Summers is really saying “you haven’t kicked the cash to the RIGHT constituencies like obamaumao and ME have been telling you, so— in a real market of real world people YOU put into trouble, reacting— well you have a lot of risk of blow back”.
to which an answer ought to be “no shite buhhkwheat!” what a genius you are not, but an overweight lying apparatchik loser/facilitator for the mack -daddy puppeteer of the biden admin... who lives in Kalorama with Mike and ValJar. Re-tooling of Iran deal isn’t getting enough destructive US funds.
Not according to YELLEN...miracles and rabbits being pulled out of magic hat’s will literally happen!!! /s
“profoundly important public investments.”
Better make it 3 trillion then. You know. For those PROFOUNDLY important public “investments.” In other words, there’s still more spending to be had on green garbage which Larry and his pals stand to make billions on pork.
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