Larry Summers: I m concerned that what is being done is substantially excessive | Financial Times

The world economy is struggling to escape the economic shock of Covid-19. During the worst of this pandemic, high-income countries provided a scale of fiscal and monetary largesse previously only seen in world wars.

Now, however, after the election of Joe Biden as president, the US is proposing to do more than double down on already generous support. Is what the US administration doing well judged or excessively risky?

For its proponents, the idea of going big is designed, among other things, to rectify the mistakes, as they see it, of the Obama administration of 2009. They want this to be seen as a transformative political moment. But Lawrence (Larry) Summers of Harvard has criticised the approach as the least responsible in 40 years.

via www.ft.com