- Former U.S. Treasury Secretary Larry Summers told Bloomberg on Friday that an investigation into the 2,000 stimulus would be “a very serious mistake” for Americans.
- Summer, who is reportedly an adviser to President-elect Joe Biden’s campaign, said the rise in consumer spending is the wrong way to achieve economic recovery.
- He told Bloomberg that the probe could “heat up the US economy.”
- US President Donald Trump has so far refused to sign an epidemic relief bill for Americans with a check for 600 600, saying the investigation should have instead 1,000 instead. Democrats support a larger investigation.
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Former US Treasury Secretary Larry Summers, who has advised President-elect Biden, thinks the તપાસ 5,000 stimulus investigation would be a “very serious mistake” that could heat up the US economy.
Congress on Monday approved a $ 2.3 trillion funding package with ચેક 600 checks for struggling Americans. On Thursday, US President Donald Trump demanded a check for $ 2,000 instead, and he refused to sign the bill. Democrats support this big check and House Speaker Nancy Pelosi plans to vote on it on Monday.
At the beginning of the Barack Obama administration, at the end of Bill Clinton’s presidency, and the director of the National Economic Council, Summer, who was Treasury Secretary, told Bloomberg that the stimulus should be better than not – but it boosted consumer spending through personal scrutiny. Wrong way to move the economy forward.
He said he was “not sure I’m so enthusiastic about a 600-dollar check,” alone. Leave 2,000 dollars.
The bill would “pay 200 200 billion to 250 250 billion a month for the next three months,” Summers said.
“The level of returns is running at about billion 1 trillion a month, lower than expected. GDP is running at about ૦ 70 billion a month, lower than expected … We have stimulus, a lot more than filling.” The hole, ”he said.
“And given that a lot of holes aren’t due to the fact that people don’t want to spend, but they can’t afford – they can’t take a flight or go to a restaurant restaurant rent – I don’t think it’s necessary that they prioritize customer spending Should give where we are now.
Giving Americans a ના 2,000 check would be “a very serious mistake that would risk a temporary overheating,” he added.
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Bloomberg reports that Summer was advising the Biden campaign this year, but he will not take a role in the Biden administration.
Criticizing the former Treasury Secretary’s economic policy record, progressive groups in May urged Biden to leave the summer.
Democrats appear to be united behind the idea of big stimulus checks, and a Democratic attempt to push them forward was blocked by House Republicans on Thursday. Progressive Democrats, in particular, reacted positively to Trump, saying a ચેક 600 check was not enough.
“When you see the two extremes agreeing, you can almost be sure that something crazy is in the air,” Summers added, while Sen. When Bernie Sanders and Trump are aligned, “it’s time to run for cover.”
