Larry Summers slams Steven Mnuchin over his claims the GOP tax plan would pay for itself

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November 8, 2017 4:49 PM

"I'm not aware of so irresponsible an estimate coming from a Treasury secretary in the last 50 years."

Larry Summers slammed Treasury Secretary Steven Mnuchin over his claims that the GOP tax plan will lead to huge growth.
Summers was the Treasury secretary during the Clinton administration. He has come out swinging against Mnuchin on multiple occassions.

Larry Summers slammed Treasury Secretary Steven Mnuchin over his claims that the GOP tax plan will lead to so much growth that it won't cost anything and will help pay down the federal debt.

Summers wrote:

"I cannot conceive of any of the 11 other secretaries I have known making such a statement. Leave aside the question of whether whatever credit is to be claimed should be claimed on behalf of the president. Since when is the stock price of banks the objective or the standard of success for economic policy? And when, as will inevitably occur, bank stock prices decline, will the secretary accept the blame?"

Check out the full story from Politico here.

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