On Thursday, former Treasury Secretary Larry Summers was announced as an economic advisor to the campaign of former Vice President Joe Biden, the presumptive Democratic nominee for president. However, his role in Biden's campaign has caused controversy among progressives, including groups such as Justice Democrats and Sunrise Movement, both of which had endorsed Sen. Bernie Sanders (I-VT) during the primaries. In a joint statement, the groups criticized Summers for having "played a major role in advocating for policies that contributed to the skyrocketing inequality and climate crisis we’re living with today," and encouraged the former vice president to publicly denounce the role of Summers in his campaign. Given Biden's acknowledgement that he must appeal to the progressive wing of the party in order to win the general election in November, he should do just that. But even so, why was Summers hired by the campaign in the first place?
Well, in June 2019, Summers donated the legal maximum ($2,800) to Biden's campaign. Additionally, throughout his career, he has served as a freelance speaker for the financial industry -- specifically companies such as Goldman Sachs, JPMorgan Chase, Citigroup, and Merrill -- from which Biden has taken $1,441,830, more than any other presidential candidate this cycle, except President Trump. Now, it seems understandable that Biden's campaign would hire someone to advise him on economic issues, risking betraying the progressive base as a result, as it is unlikely they will be more inclined to vote for a candidate who is being advised on economic issues by a man who, as Justice Democrats and Sunrise stated, has helped increase economic inequality and the climate crisis, and who pushed for the repeal of Glass-Steagall. Only time will tell if Biden will reject Summers as his economic advisor. However, for now, it seems as if business as usual -- politicians favoring their big-money donors over the people -- will prevail.
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