This week Obama economic adviser Steve Rattner said that Biden shouldn’t be blaming Russia invading Ukraine for inflation.
Now another Obama economic adviser, Larry Summers, is blaming Biden for inflation.
Biden used to work with these men in the Obama White House.
Bloomberg News reports:
Summers Faults Biden for Tying Inflation to Putin, Company Greed
Former Treasury Secretary Lawrence Summers criticized the Biden administration’s emphasis on Russian President Vladimir Putin’s invasion of Ukraine and on price gouging by companies in ascribing causes for the surge in U.S. inflation.
“This is a consequence, fundamentally, of an overheated economy,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin on Friday, referring to the latest data showing the consumer-price index soared the most in four decades.
The jump in commodity costs since the Russian invasion will mean inflation won’t likely decelerate for months, according to Summers, a paid contributor to Bloomberg Television and a Harvard University professor.
“If higher prices of gasoline are the price of freedom, it is a price that this generation of Americans should pay,” Summers also said. “And frankly it’s a small price compared to the price that’s being paid in Ukraine or the price that past generations of Americans have paid.” He added that he’s been “gratified” at companies recognizing “moral obligations” amid the conflict.
See the video below:
Larry Summers, former Obama economist and Clinton Treasury Secretary, says Biden was "WRONG" to blame inflation on Russia's war in Ukraine.
"This is a consequence, fundamentally, of an overheated economy." pic.twitter.com/OszVfIxZ0b
— RNC Research (@RNCResearch) March 12, 2022
If Biden can’t convince members of the Obama administration that Russia is the cause of inflation, what do you think the general public thinks?
No one believes Biden’s excuses. His administration is to blame for this.
Cross posted from American Lookout.