Lots of people are dunking on Larry Summers today, and in my view rightly so; this piece by Jordan Weissman seems especially on point. Yes, a rescue package this size could lead to overheating, but how bad is that? 1/ https://slate.com/business/2021/02/larry-summers-biden-relief-plan-washington-post-op-ed.html

I mean, suppose that the Fed ends up hiking rates because unemployment is 3.2% and the economy is growing at 8%. Would that be so bad? But while I don't think Summers is being helpful, the fact that he is weighing in like this says some good things about Democrats 2/

As Kevin Drum pointed out long ago, there's a "hack gap" between the parties: even Republicans who should know better fall in line to back the party line, as economists did for the 2017 tax cut. Democrats, not so much 3/

If the Summers critique actually threatened to derail economic rescue, I'd be upset. But the Biden people are ready with counterarguments, and have their political ducks in a row. So what we're actually seeing is that determined policy can survive serious debate 4/

This is a strength. Policies are better because they emerge from informed discussion; the political force behind these policies won't be dissipated the first time someone points out the emperor is naked 5/

The point is that this is an economic team with actual thought behind its policies, able to deal with good-faith critiques even when, as I think Summers's is, they're somewhat wrong-headed. We're not in Trumpland anymore 6/