Larry Summers blasts $1.9 T stimulus as 'least responsible' economic policy in 40 years

https://www.google.com/amp/s/thehill.com/policy/finance/544188-larry-summers-blasts-least-responsible-economic-policy-in-40-years%3famp ^

[Brilliant]

Larry Summers, a top economic adviser to former President Obama, blasted the $1.9 trillion coronavirus stimulus package signed by President Biden earlier this month as the "least responsible" economic policy in 40 years.

Speaking on Bloomberg Television's "Wall Street Week" on Friday, Summers outlined his predictions for the economy in light of the relief package.

"I think this is the least responsible macroeconomic policy we've had in the last 40 years," Summers said.

"I think fundamentally, it's driven by intransigence on the Democratic left and intransigence and completely unreasonable behavior on the whole of the Republican party," he continued.

Summers warned that there was a one-third chance that inflation would accelerate over the next several years, with the U.S. possibly facing stagflation, or economic stagnation.

Summers also warned that the U.S. wouldn't see inflation because the Federal Reserve would "hit the brakes," destabilizing the markets and sinking the economy close to a recession.

"There are more risks in this moment that macroeconomic policy itself will cause gray consequences than I can remember," Summers said. "There've been terribly serious moments in the past, but then macroeconomic policy was trying to stabilize things."

"Now there's the real risk that macroeconomic policy will be very much destabilizing things," he concluded.

Summers, who served as Treasury secretary under former President Clinton, was one of the few left-leaning economists that has been critical of the $1.9 trillion American Rescue Plan.

In an op-ed for The Washington Post in February, he warned that risk of inflation associated with the proposal could have "consequences for the dollar and financial stability....”

[Brilliant]

I would like to hear how he blames it on the GOP given that every single Republican voted against it.

[cdcdawg]

I guess it narrowly tops the Porkulus bill his old boss did. Worst? It’s a crowded field.

[nascarnation]

Personally I’m excited about the upcoming $3 trillion “green” stimmie.

I just have to figure out how to tap some of that gravy for myself...

[E. Pluribus Unum]

When you’ve lost Larry Summers...

[ETL]

The Harris-Biden call for unity!
Together we will drive the final nails in America's coffin!

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Cloward-Piven Strategy (CPS)

First proposed in 1966 and named after Columbia University sociologists Richard Andrew Cloward and his wife Frances Fox Piven — both longtime members of the Democratic Socialists of America, where Piven today is an honorary chair — the “Cloward-Piven Strategy” seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse. ...”

Much more at the source:
discover the networks org / organizations / cloward-piven strategy

DiscoverTheNetworks: A Project of the David Horowitz Freedom Center

[Gay State Conservative]

What’s that they say about blind squirrels...?

[kiryandil]

Cloward-Piven, and bailing out the seditious Democrat rioters from last summer.

[RAldrich]

Summers is PO’d at the fact there is a female Treasury Secretary (see his remarks as Harvard President regarding female aptitude for economics - this caused quite a row and was the reason Obama could not nominate him for Treasury Secretary).

[ETL]

Biden sees himself as a two-term president

--The Hill - Mar 24, 2021

Two-term? Really??

[ETL]

Word is, Kamala had noticed one of Joe's shoelaces were undone prior to his boarding AF-1, and so tied them for him.

I don't know about anyone else, but I think that was very thoughtful of her.

(she REALLY wants his job)

[Rurudyne]

I think he should have said last 40 days.

[Theoria]

So what. The GOP only cares about spending when they are not in charge. They couldn’t spend enough under Trump.

[Rurudyne]

Tim Hawkins, The Government Can

A song that sadly remains relevant...

https://www.youtube.com/watch?v=LO2eh6f5Go0

[monkeyshine]

Because he worked for Obama, he has a special exemption that allows him to say 1 bad thing about Democrats as long as he says 2 bad things about Republicans in the same sentence.

[Brilliant]

I think that’s probably the reason.

[Brilliant]

Not so. Remember that they lost the Senate because they would only approve $600 checks instead of $2000.

[Theoria]

Absurd. They were spending almost a Trillion extra a year before the pandemic. Then, Trump and crew started throwing money left and right. Biden has done exactly as expected.

[Organic Panic]

Just wait for the 5 trillion “infrastructure” bill coming next month. And then the 3 took “green investment” one planned for summer. But we wi get a 1500 that will just about cover a tank of gas.

[Organic Panic]

All that spending goes to connected cronies first. Better start sending your “donations” now. I look forward to meeting you at the Heinz Corporation Solar Panel Factory when we are a put out of work.

[libertylover]

I would like to hear how he blames it on the GOP given that every single Republican voted against it.

Yeah, but being Democrat means the truth doesn't matter.

Also note that he blames the entire Republican Party but only the left of the Democrat Party and never mind that the "left of the Democrat Party" is very, very far left, i.e., totalitarians.