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Former Finance Minister Larry Summers is not a fan of the big beautiful Bill Trump just signed.
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He said he sees the bill resulting in a weaker economy.
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“How long can the largest debtor in the world remain the greatest strength in the world?”
Larry Summers does not see much to love in the radical tax and budget bill Donald Trump signed the law during the holiday weekend.
On Sunday, the former American secretary of the treasury spoke with George Stephanopoulos of ABC News and explained his view of the only large, beautiful Bill Act, aimed at what he sees as a terrible hit for the tax health of America as a result of the historical legislative package.
“There is nowhere economist, without a strong political agenda, who says that this bill is positive for the economy,” said Summers. “And the overwhelming view is that it will probably worsen the economy.”
After weeks of deliberation, the only large, beautiful Bill Act was recently hired in the House of Representatives, where Trump signed it on July 4.
Summers repeated those worries and stated that he does not believe that policy will stimulate the economy.
“How long can the largest debtor in the world remain the biggest power in the world? And this accumulates more debts on the economy than any piece of tax legislation in dollar in dollars that we have ever had,” he added.
Tope economists sounded the alarm before the passage of the account this weekend.
In June 2025, Nobel economists, including Paul Krugman, Joseph Stiglitz and Simon Johnson, published an open letter entitled “The upside-down priorities of the house budget” via the Economic Policy Institute, a non-party-related think tank.
“The United States have a number of urgent economic challenges to meet, many of which require a larger level of state capacity to navigate – capacity that will be eroded by large tax cuts,” the letter said. “The house account does not focus on the most important economic challenges of the nation and much of them worsens.”
The American Bankers Association has praised the bill and claims that it could stimulate economic growth in the short term.
Experts from the American Enterprise Institute, a think tank in the center, have taken a policy that is comparable to Summers’, speculating that it is unlikely that the US will see a lot of growth as a result of the bill.
Read the original article about Business Insider
