Some elements of this story were previously reported by Benzinga and have been updated.

Comedian and political commentator Jon Stewart and former US Secretary of the Treasury Larry Summer got into a heated exchange about the state of the economy during a March Consequence from Stewart’s show of the same name, The Problem With Jon Stewart.

Summers argued that the US government’s stimulus measures had led to inflation, rising prices and wages.

“What happened to us is that we had massive incentives and an economy that could only produce so much. So we had a huge demand and that huge demand kept driving prices and wages up,” he explained. “But ultimately it was like, you put too much water in the bathtub, you put too much demand into the economy, and you get high and rising prices.”

Discussing wages and employment, Summers said, “There are certain diseases that you can have if there’s a drug and it has side effects, and everyone hates the side effects and no doctor wants their patient to suffer from the side effects. But if you don’t address the disease, you may have a bigger problem later.”

steward, however, fired back, saying: “Stock market wealth is up 150%. CEO salaries have increased by 1,500%. Workers’ wages have not increased at all. I think you are misdiagnosing the disease.”

“The most serious problem in the US economy has been the divisions between those like you and me who are very fortunate. That is why we need a strategy and the strengthening of the economic workforce. Is it a problem that someone whose control is setting interest rates? and money printing can do a lot about it?” Summers asked in response.

Also read: Larry Summers says a soft landing “looks more likely”: unemployment vs. inflation

Speaking later about the economic recovery, Stewart said: “This pandemic was, in my opinion, the first time the government did what it was supposed to do in a crisis. If you look at the stimulus payments that have been made…