Economist Lawrence Summers has turned to President Joe Biden for redress of those responsible for the US inflation crisis.
Summers, director of Obama’s former National Economic Council, said Biden was completely “wrong” in blaming inflation for Russia’s aggression in Ukraine in a March 11 segment on Bloomberg TV. Wall Street Week.
Inflation reached 7.9 percent year-over-year in February, the highest level in more than 40 years. Summer was blunt: “Even though inflation was 7.9 percent compared to last year, if you calculate the monthly amount annually, it was close to ten percent. So we are still not seeing a downturn, ”he said.
He has slapped Biden and his left-wing media friends who are urging Americans to blame Russian President Vladimir Putin for the high prices. “Even before Putin launched his attack, everyone expected inflation to accelerate from January to February,” Summers said. The skyrocketing direction of inflation is a “serious problem,” he noted.
He puts the blame right where it should have always been: Washington, DC
“It’s basically a consequence of an overheated economy, and we’re not going to have a complete solution until we do something about that overheated economy,” Summers said. “It’s just the reality of the situation.”
Summer was not done. He criticized the Biden administration for blaming inflation on “corporate greed”, another shift in the understanding of Biden’s public relations team and media responsibilities. “Blaming corporate greed will cool that business confidence, reduce investment in power expansion and possibly make it worse,” Summers warned.
He sounded the alarm a year ago that Biden’s huge $ 1.9 trillion stimulus would destroy inflation. Summers warned that the stimulus would “stop the kind of inflationary pressures we have not seen in a generation.” He seems to be right on target. But the liberal media, in general fashion, has doubled Biden’s false “Putin’s price increase” talk point. Check out the headline montage of the media talking about trying to save Biden from political collapse from decades of high inflation:
– Newsbusters (newsbusters) March 15, 2022
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