Former Treasury Secretary Lawrence H. Summers commended President Joe Biden in November 2022, saying one has to go back to John F. Kennedy’s times to find a Democratic president whose first mid-term elections went as well as Biden’s did.
“This should confound doomsayers in both parties. Given all the concerns voters had, it is hard not to see the election as a repudiation of MAGA extremism. THE CENTER HELD,” he tweeted.
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Control of Congress was still uncertain, with Republicans expected to take control of the House of Representatives. However, the giant "red wave" that was much talked about did not happen, with Biden calling it "a good day for democracy."
At the same time, former President Donald Trump’s high-profile endorsements ended up with poor performances, according to Reuters.
Major Wall Street indices closed nearly 2% lower on Wednesday. The SPDR S&P 500 ETF Trust SPY ended Wednesday’s session 2.06% lower while the Vanguard Total Bond Market Index Fund ETF BND gained 0.14%.
Summers also opined that a small Republican majority in the House risks being a hot mess on economic policy “as the nutcase minority within the majority may thwart whatever instinct for responsible governing there might be.”
“This risks dangerous uncertainty and paralysis on the debt limit and other economic policies at a very fragile time in the markets,” Summers added.
Historic Opportunity: The former Treasury Secretary added that Biden Administration has a historic opportunity in current times and that the American people have shown they can detect and reject “demagogues.”
“The @JoeBiden Administration has a historic opportunity, even in the midst of current challenges, if it can skillfully implement infrastructure, technology and green economy measures that have already been approved,” he said.
“Most important for the future, the election showed that even in this fevered atmosphere, the American people can detect and reject demagogues. I feel better about the future than I have in some while,” he added.
This story was originally published on Nov. 9, 2022.
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