There’s an important lesson here. It is very credible that the White House denies Politicos claim that the Summers oped or Summers thinking is influencing their internal thinking because there’s basically nothing the White House has **done** to support that claim. https://twitter.com/jstein_wapo/status/1357687718751444994

2/ Summers oped isn’t some big revelation or shift. (Indeed, as a separate matter the most interesting thing to me is how tepid his argument is.) with the knowledge of those views the WH has proposed a very large package, shown no inclination to meaningfully reduce ...

3/ the total package price, has said that inflation is basically a non-issue and that even in its own terms (which are not the primary terms of the argument) long term deficits will be lower with a big package now because a quicker return to growth etc.

4/Before you get too wound up about some big betrayal keep in mind there’s little reason to believe this is true. The Biden administration isn’t some thing in the future. It’s happening right now. We don’t have to speculate or doom scroll about how it will act. We can just watch.

5/ Put this down with Rahm’s big cabinet appts and all the other claims that have turned out to be bogus. I’m not saying Biden’s perfect or won’t disappoint. But on near term fiscal stimulus everything has been highly consistent with the push for a big package and ...

6/ rejection of the premises of austerity, risks of inflation, and far bigger dangers of underspending rather than over.