Professor Michael Spence warns that rescue packages that transfer a surge in debt to the public from the private sector will cause serious economic damage
— July 8, 2020
Excerpt from The Wall Street Journal -- "'This shock is going to cause a very large amount of economic damage,' said Michael Spence, a professor of economics at NYU’s Stern School of Business. 'A lot of these policies are essentially moving that damage to the sovereign balance sheet. It’s not that anybody thinks it’s ideal, but it may be better than leaving it lying around in the business sector or in the household sector.'"