Obama economist Larry Summers slams Biden on inflation, ‘doesn’t look so transitory’…

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Larry Summers, who was Secretary of the Treasury under Clinton and directed the National Economic Council under Obama, said on CNN recently that inflation is going to be unavoidable for the near future.
CNN host Erin Burnett asked Summers about his opinion on the subject:
“Given that you were worried about this before almost anybody else, and given that now you have got all these CEOs saying it’s going to go a year, maybe even past that, right, at that point, it wouldn’t be transitory, how long do you think inflation is going to go up?”
Summers replied with his expert opinion:
“I think the odds are that we’re going to have inflation of a kind we haven’t seen in 30 years, until either the Fed takes some significant move with respect to monetary policy, or until there’s some kind of accident that disrupts the economic growth we’re enjoying.”


Senator John Barrasso, a Republican from Wyoming, appeared on ABC’s “This Week with George Stephanopoulos” on Sunday to discuss several topics including the $1.2 trillion bipartisan infrastructure bill, which President Joe Biden is expected to sign into law on Monday.

Stephanopoulos pressed Barrasso on why he voted against the package, citing a White House fact sheet that says Wyoming would receive $1.8 billion for federal-aid-highway apportioned programs, $225 million for bridge repair and replacement, $100 million for broadband internet expansion, $335 million allotted to water infrastructure.

“I was one of the original negotiators at the White House with President Biden and ultimately I voted against it because they did use a lot of budget gimmicks and they are adding $256 billion to the debt,” said Barrasso. “Some of the issues in there, in terms of energy, I think is going to make energy even more expensive and I think is going to make the grid less reliable.”


“Bidenflation” is setting multidecadal records. According to new consumer price index data, inflation has hit 6.2% year over year, its fastest pace in 31 years. Inflation in October alone rose by 0.9%, up from an already alarming 0.4% in September and 0.3% in August. You have to go all the way back to George H.W. Bush’s presidency to find anything like it — and we all know what happened to George Bush in the election the following year.

To counter the public’s justifiable fear of inflation eating away at their wealth, the White House has … well, put its head in the sand, denying that inflation is a problem. The denials are becoming less credible with each new release of monthly data.

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Although the Biden administration released a letter signed by 17 economists, stating that his current agenda would “ease longer-term inflationary pressures,” those economists were talking about the far future — a decade down the road or more, after today’s spending projects have been completed and are improving the economy’s efficiency and productivity.



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