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Summers Sees ‘Least Responsible’ Fiscal Policy in 40 Years

  • Summers repeatedly criticized recent Biden stimulus plan
  • Noble Laureate Krugman says 1970s-style inflation not a risk
Bloomberg business news
Wall Street Week - Full Show (03/19/2021)
Updated on

Former Treasury Secretary Lawrence Summers warned that the U.S. is suffering from the “least responsible” macroeconomic policy in four decades, pointing the finger at both Democrats and Republicans for creating “enormous” risks.

In his latest attack on the recent rush of stimulus, Summers told David Westin on Bloomberg Television’s “Wall Street Week” that “what was kindling, is now igniting” given the recovery from Covid will stoke demand pressure at the same time as fiscal policy has been aggressively eased and the Federal Reserve has “stuck to its guns” in committing to loose monetary policy.