Earlier today, Andy joined CNBC’s Squawk Box to debate with Stephanie Kelton, professor of economics and public policy at SUNY Stony Brook, about whether President Biden’s infrastructure plan qualifies as excessive government spending. Kelton said that Congress can pass a bill without offsetting the spending and used the pandemic relief packages as examples. She went on to add that with such a depressed economy, there is enough slack to accommodate the infrastructure spending without causing inflation.
When Andy was asked if he agreed, he said, “No- look, the spending we’ve done over the past year was to fight a pandemic… We don’t have supply chains that are going to be able to satisfy the demand that is out there, and inflation is really a factor of supply and demand- this continued spending doesn’t help the economy.”
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