JIM WATSON/AFP via Getty Images A top Democrat economist is warning that the size of President Biden’s economic stimulus is causing the economy to “overheat” and that it may melt down if Democrats do not start pumping the brakes quickly.
Larry Summers, who held top economic positions in the Clinton and Obama administrations, told PBS’s “Firing Line with Margaret Hoover” on Saturday that the Federal Reserve was, “in the face of a housing market on fire,” “intervening in the markets,” adding, “Seems like that’s adding gasoline.”
Summers’ warning comes as jobs report numbers have seen abysmal months under Democrat President Joe Biden and inflation has skyrocketed .
“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems. That started to manifest itself. It manifests itself in the fact that […]
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