"Soaring public deficits that have mounted due to COVID will call for harsher austerity measures in the near future. In February 2021, the Harvard economist Summers, speaking at Princeton University about the inflationary risks of the Biden Administration's proposal to issue a cash stimulus to the American public, told the audience "there is no compelling economic case for a stimulus." If governments were to provide households with "more than what they need," those households' spending would throw off the delicate stasis of the economy: "the spending propensity out of [middle class households] would be far greater than the spending propensity economists usually estimate from wealth which is driven by fluctuations in the stock market." Spending by people who shouldn't spend, Summers warns, would cause inflationary harm to the economy of the wealthy."