A top economic adviser to former President Obama, blasted the $1.9 trillion coronavirus stimulus package signed by earlier this month as the "Least responsible" economic policy in 40 years.
Speaking on Bloomberg Television's "Wall Street Week" on Friday, Summers outlined his predictions for the economy in light of the relief package.
"I think this is the least responsible macroeconomic policy we've had in the last 40 years," Summers said.
Summers warned that there was a one-third chance that inflation would accelerate over the next several years, with the U.S. possibly facing stagflation, or economic stagnation.
"There are more risks in this moment that macroeconomic policy itself will cause gray consequences than I can remember," Summers said.
"There've been terribly serious moments in the past, but then macroeconomic policy was trying to stabilize things."
"Now there's the real risk that macroeconomic policy will be very much destabilizing things," he concluded.
Thursday, March 25, 2021
Larry Summers blasts $1.9 T stimulus as 'least responsible' economic policy in 40 years
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