President Barack Obama’s former Treasury Secretary Larry Summers says that Biden’s economic crisis could cost him his next election. Summers, a Democrat, said that the country’s inflation could lead to Donald Trump’s next presidential term.
The Washington Examiner reports:
“After years of advocating more expansionary fiscal and monetary policy, I altered my view this past winter, and I believe the Biden administration and the Federal Reserve need to further adjust their thinking on inflation today,” he said.
“Excessive inflation and a sense that it was not being controlled helped elect Richard Nixon and Ronald Reagan, and risks bringing Donald Trump back to power,” he cautioned Democrats.
Summers used a speech by Fed Chairman Jerome Powell from August to illustrate his point. He rebutted five points that Powell made to argue that inflation is merely transitory and will settle back down.
Summers has been sounding the alarm on inflation for months, even early in the year, when fewer economists were cautioning about the threat that it posed. He has knocked Treasury Secretary Janet Yellen for her views on inflation and has not shied away from criticizing the Fed over its slow-walking on a return to normal monetary policies.
Since Biden entered the White House the country’s inflation rate has jumped 6.2%.