Former Treasury Secretary and Obama administration economic advisor Larry Summers said Friday that recent employee bonuses are stunts and not reflective of long-term hopes for prosperity that tax cuts are supposed to bring.
"I think it's a gimmick," Summers told CNBC's "Squawk Alley." "I think in many cases the firms have to raise wages because labor markets are tight, and so why not curry some favor with the White House by linking it to the tax cuts."
Summers ran Treasury during Bill Clinton's presidency and was director of the National Economic Council under former President Barack Obama.
His derision toward the employee bonuses was part of a broader and continuing criticism of the Trump administration's economic policies, and more recently the reform plan Congress passed in November that slashes corporate tax rates.