https://issuesinsights.com/2021/02/08/biden-is-increasingly-detached-from-reality-on-the-economy/
A favorite Democratic cliché is “never let a crisis go to waste.” But with the “urgently needed” $1.9 trillion relief bill, Democrats are inventing the crisis. While they keep depicting the economy as being in a free fall, it is, by historic standards, doing well.
Some Democrats are already coming to realize that piling another $1.9 trillion in deficit spending on top of the more than $3 trillion already targeting COVID relief is an enormous mistake. Here’s what Politico reported last week after liberal economist Larry Summers cautioned that the Biden plan was too big.
Summers, the former Treasury secretary for Bill Clinton and top economic adviser to Barack Obama, puts down on paper what many liberal wonks have been whispering about for weeks: that President Joe Biden’s stimulus bill may be too big, that its overall cost could sacrifice other progressive priorities and that it could harm the economy next year, when Democrats will be defending narrow congressional majorities in the midterms.
Summers warns of “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.”
Give Summers and those anonymous “liberal wonks” credit, at least, for staying in the neighborhood of reality, something that seems to have escaped “No Malarky” Biden.