Joe Biden has come up all sorts of excuses to explain inflation, including trying to blame Vladimir Putin’s invasion of Ukraine for inflation. Despite inflation being present for many months before the February invasion.
Even a former Obama advisor isn’t going to buy those excuses. Larry Summers, an economist and former Secretary of Treasury under Bill Clinton, spoke out about Joe Biden at an Aspen Institute event.
Summers stated that “we basically had inflation under control over forty years” despite any possible supply shocks to our economy. However, “we lost the thread…about one year and a quarter ago” due to “massively expanding policies relative to the GDP gap.” The fiscal stimulus was five-fold larger than it was during the financial crisis.
Gee, what was the story a year ago? Biden’s stimulus package of $1.9 trillion and the “American Rescue Plan”, which was $1.9 trillion, helped to create a panic about inflation. Biden, who has been wrong about everything for 40 years, gets in and his policies result in historic inflation we haven’t seen in 40 years. This thought is not new. It’s not new, but you can see it when even Democratic economic advisors make it clear. They’re more concerned with what’s going on in the country than they are about covering for Biden’s poor moves.
Over the past 40 years, people have learned enough to avoid it. Biden, however, appears to not have any clue about reckless spending and wants it to explode. It didn’t take a rocket scientist for to see what would happen. He received all sorts of warnings last year but he continued to push for more spending.
Summers isn’t afraid to take a contrary view to the Biden team in the past. Summers has previously stated that he believes it would be difficult for the Fed to achieve a “soft landing” by raising interest rates. It means that things will get worse.
This must be highlighted in every election as we head into the midterms: The Democratic policies are taking money out of our pockets – by one count, $4200/average American. We need to send a clear message to Democrats to stop this by removing them from office whenever possible.