(AP Photo/Tyler Evert) Former President Obama’s economic advisor Larry Summers wrote in the Washington Post during the debate over Joe Biden’s first $1.9 trillion pandemic stimulus bill: “[W]hile there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability. This will be manageable if monetary and fiscal policy can be rapidly adjusted to address the problem. But given the commitments […]
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