Summers Says Economy Can Handle Overheating From Biden Aid Plan
- Ex-Treasury chief says it would help those left behind
- Stimulus is one of the ‘boldest’ economic plans U.S. has seen
This article is for subscribers only.
Former U.S. Treasury Secretary Lawrence Summers said President-elect Joe Biden’s proposed stimulus package would cause the economy to overheat -- and that could be a good thing.
The package is one of the boldest economic plans the U.S. has seen, Summers said in an interview Friday with David Westin for Bloomberg Television’s “Wall Street Week.” As written, it would overheat the economy, but the debate shouldn’t be about that aspect, but whether it would do more for those who have been left behind during the pandemic-led recession, he said.