. Democrats support these larger checks, and House Speaker Nancy Pelosi plans to hold a vote on them Monday.
Summers, who was treasury secretary at the end of Bill Clinton's presidency and director of the National Economic Council at the start of Barack Obama's administration, toldit'd be better to have stimulus than not — but that promoting consumer spending through individual checks was the wrong way to keep the economy moving.The bill "probably would pay out $200 billion to $250 billion a month for the next three months," Summers said.
"The level of compensation is running about $30 billion a month below what we would have expected it would. GDP is running about 70 billion a month below what we would have expected it would ... We have stimulus already, much more than filling out the hole," he said. "And given that lots of the hole is not from the fact that people don't want to spend, but because they can't spend — they can't take a flight or go to a restaurant — I don't necessarily think that the priority should be on promoting consumer spending beyond where we are now," he said.
Handing $2,000 checks to Americans would be a "pretty serious mistake that would risk a temporary overheat," he added.
That’s y Biden advised $600, along w/ GOP! We should b in the streets protesting the wealth gap, the rise in poverty, folks like Larry Summers advising new Pres., etc. 2024 prediction: Angry, poor electorate will vote 4 another GOP dictator if Biden doesn’t move left!
What he means is that the $2,000 stimulus checks would be a 'serious mistake' because the people making over $400k a year taxes may go up. Overheating the economy my ass!
Well if not 2000, give us the same amount as last time. 🤨🧐
Yeah, let's not give americans actual money to pay Bills but hey, let's give Pakistan 10 million for gender studies in the stimulus package. I'm sure this idiot has a college degree but his hatred for trump is really showing.
Everyone who had covid has long past due bills therefore not giving enough money will be the collapse.
Rich coming from this former Treasury Secretary ignoring secret Christmas gift wealth checks to the rich:”Tucked away in the 5,593-page spending bill that Congress is a provision that some tax experts call a $200 billion giveaway to the rich”
Nuts who IS this 🤡! Coming from a former “Treasury Secretary he should know better Shame on you. Unless you’re wealthy $2,000 will go to the suffering Americans debt and medical bills not spending who are facing record pandemic issues. It won’t go to spending with record debt!!
Overheat the economy Wait, is the stimulus check $2000 or $200,000 Pay rent, food, utilities and etc the $2000 gone in seconds
It wouldn't if they got rid of the BILLIONS of $ in foreign aid.Why is the media NOT talking about how the 900 Billion $ is BORROWED $ & the AMERICAN TAXPAYERS will have to pay it back. Not one dime should be going to other countries! Here's just some of the $ Not for AMERICA
Well we need to seize the wealth of all the top and redistribute it. Trickle down is failed and they have stolen from the people for decades.
Giving people back their own money that they used to fund the government is bad....whatever Larry.
Now, the radical leftist, LHSummers, considers helping Americans make ends meet a serious mistake that will ‘overheat’ the economy. Interesting.
Larry Summers working in Government or Education was a serious mistake.
2000$ isn't even enough let alone over heating the markets 🤣😂🤑 (We always need more ) John Maynard Keynes
Says a person who has no need of a stimulus Cheque
Why is it that only rich people cry doom & gloom for government helping everyday people?
HAHA they're just scared to be taxed
The machine grabs pots but can’t grab a direct benefit. The foreign aid is kicked back. The stimulus check goes direct to the beneficiaries. They can’t set up a pull.
We should cut everything in the bill except the checks, increase the amounts, and give to everyone. Businesses can then wait until we the people decide where we want to put that money. Tired of socialism for the rich and big business while the poor and middle class get shit on.
A simple line item Bill : $2,000 directed to America’s adversely affected by Corona virus losses is reasonable. No to All Pork Bill 🐷🥓‼️‼️ No free US taxpayers money to foreign countries, period. Thanks
Larry Summers is also a white man of privilege with no feel for the pain people are in.
Where do these chaps get this bullshit? They all subscribe to the same nonsense that hasn't worked in decades.
Obama era figure. Bad sign.
The economy will overheat while people freeze to death as they are evicted from their homes and don't even have a car to live in since it was repo'd. Sure, let an economist guide us by the numbers, right? How soon will the bstrds in Wall St start jumping out of windows?
If Larry Summers or Paul Krugman say something do the absolute complete opposite because they're always wrong about everything
In other words, only the wealthy are allowed to stimulate the economy. If they feel like it.
thanks