If that premise is wrong, then the economy will show signs of being much stronger sooner than expected, and those very same elastic policies that we talked about will immediately retreat and reduce the amount of stimulus that is being delivered. That's the beauty of the automatic formulation that's being used. If you're talking super-hypothetically, is it possible to overstimulate? It is, but I argued in my remarks that going gradually, as occurred during the 2008 to 2010 period, left a long legacy of permanent scars on the economy, and I think that suggests that a more rapid return to normalcy here will reduce the amount of scarring and therefore reduce the permanent effects.
On May 18th, 2021. See this statement in context.