This is just nonsense. The US is not a family with income and expenses. It’s immortal (unless Trump’s minions bring it down) and prints its own money. Buyers of its bonds are eager to do so. The relief for struggling families will stimulate growth. Delaying it to target it perfectly would do irreparable harm. It’s hard to get inflation in the current environment but Summers makes some persuasive arguments that we should keep in mind. Growth makes debt shrink over time, immortality means the time is forever.
March 20, 2014
September 30, 2017