Joseph Stiglitz, one of the world's most renowned economists, thinks his colleague, former Treasury Secretary Lawrence Summers, is overreacting about the potential risks of President Biden's $1.9 trillion COVID-19 stimulus plan.
In an op-ed published by The Washington Post in February, Summers wrote that the relief package, which was signed into law earlier this month, was "admirably ambitious," but warned it could lead to "inflationary pressures of a kind we have not seen in a generation." Summers later doubled down on his position during a conversation with another famous economist, Paul Krugman, arguing the American Rescue Plan goes "way beyond what's necessary" to help victims of the pandemic.
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