Top Clinton, Obama Economist Gives Pessimistic Inflation Forecast Under Biden
https://conservativebrief.com/clinton-obama-54611/?utm_source=CB&utm_medium=422A top economist for former President Barack Obama has warned that inflation under President Joe Biden is not likely to recede anytime soon and it does, prices for goods, services, and commodities will still be higher than they have been historically.
“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,” CNN host Erin Burnett noted as she interviewed Larry Summers, Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama.
“How long do you think inflation is going to go up?” she asked.
“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,” Summers noted.
“I think it’s possible but quite unlikely that inflation will recede back to its normal 2 percent level without some significant change in the path we’re now — we’re now on. I think the Fed has made a significant mistake in the approach that it’s taking by doubling down on the massive fiscal stimulus we had at the beginning of the year with really easy monetary policy,” he continued.
Sent from my SM-A102U using Tapatalk