President Joe Biden and members of his White House are quick to write off the inflation crisis as if it’s not as big of a deal that its portrayed in the media, but now, former Democratic operatives are coming out with warnings that the crisis isn’t going to improve anytime soon.
According to The Daily Wire, a former Treasury Secretary under President Bill Clinton, and former director of the National Economic Council under President Barack Obama, revealed during a recent CNN interview that inflation issues will persist for quite some time, making the Biden admin’s “transitory” defense increasingly unlikely.
Larry Summers, Treasury Secretary for Clinton & Obama’s NEC Director:
— Christy Lewis (@Cavalewis) November 13, 2021
Summers contradicted the Biden administration several times during his interview with CNN’s Erin Burnett, warning that the inflation situation — which most everyday Americans are feeling right now — will persist for some time.
“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,” Burnett said, before asking how long Summers believes inflation will last.
“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 replied.
Summers added: “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.”
Summers went on to explain that it would likely take drastic and immediate action from Biden’s Fed to stop the bleeding, which at this point seems unlikely to happen anytime soon.
Sec. Yellen’s prediction
If Summers’ warning wasn’t scary enough, U.S. Treasury Secretary Janet Yellen reiterated her claim that ending inflation is directly tied to ending the COVID-19 pandemic and the Biden administration’s response to the pandemic in the coming months, Fox Business reported.
“When the economy recovers enough from COVID that demand patterns – people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to go back to normal,” Yellen said in a recent interview.
She added: “Labor supply has been impacted by the pandemic. Labor force participation is down. It hasn’t recovered.”
Sadly, at the rate Biden is destroying America, it might not be until 2024 and the successful election of a Republican president that we finally begin to see some form of relief.