Joe Biden was caught blindsided when a member of former President Barack Obama’s administration called him out for policies that could lead to negative economic impact.
“Larry Summers, a former economic advisor to former President Barack Obama, warned President Joe Biden on Monday that inflation is a looming threat to the United States economy,” reported Breitbart.
Summers comments came via an op-ed in a mainstream media outlet.
Now, the primary risk to the U.S. economy is overheating — and inflation,” said Summers. “Already, consumer prices have risen almost as much as the Fed predicted for the whole year.”
Summers warned Biden that current trends could hurt the Democrat party:
In general, increases in inflation disproportionately hurt the poor and are associated with reductions in trust in government…Unemployment benefits enabling workers to earn more by not working than working should surely be allowed to run out in September; in some parts of the country they should end sooner.
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