Inflation Hawks Critique Biden s $1.9 Tn Spending Plan By Chris STEIN, Delphine TOUITOU
02/08/21 AT 3:56 PM
President Joe Biden s $1.9 trillion proposal aimed at revitalizing the US economy has drawn skepticism from some economists, including a former Treasury secretary who is also a member of his Democratic Party.
Larry Summers s warning last week that the plan could cause inflation to rise and crowd out other investment priorities has sparked a debate over whether Biden s proposal is excessive, even for an economy that has sustained massive damage during the pandemic.
Here is a look at the debate over whether the spending package would cause an inflation uptick in the United States: