Economist Lawrence Summers tore into President Joe Biden for redirecting the blame for America’s inflation crisis.
Summers, Obama’s former National Economic Council director, said Biden was flat-out “wrong” to blame inflation on Russia’s invasion of Ukraine during a March 11 segment on Bloomberg TV’s Wall Street Week.
The February inflation rate was 7.9 percent on a yearly basis. It is the highest in 40 years. Summers was blunt: “While inflation was 7.9 percent over the last year, if you annualize the monthly figure, it was close to ten percent. So we’re not seeing deceleration yet,” he said.
Biden was reprimanded by his left-wing media allies, who had told Americans that Putin’s high prices were the fault of their Left-wing Media cronies. “Everybody had been expecting from the time before Putin launched the invasion that inflation was going to accelerate from January to February,” Summers said. SThe skyward direction of inflation is a “grave problem,” he noted.
He was able to place the blame where it belongs: Washington D.C.
“This is a consequence fundamentally of an overheated economy, and we’re not going to have a full solution until we do something about that overheated economy,” Summers said. “That’s just the fact of the situation.”
Summers wasn’t done. He criticized the Biden administration for blaming inflation on “corporate greed,” which was another shift of the burden of responsibility by Biden’s PR team and the media. “Blaming corporate greed … will chill business confidence, will reduce investment in expanding capacity and will likely make this worse,” Summers rebuked.
He sounded the alarm over a year ago that Biden’s gargantuan $1.9 trillion stimulus would wreak inflation havoc. Summers warned that the stimulus would “set off inflationary pressures of a kind we have not seen in a generation.” He appears right on target. But the liberal media, in typical fashion, have doubled down on Biden’s false “Putin’s Price Hike” talking point. You can see the array of media talk heads trying to shield Biden from political fallouts from decades-high inflation.
Biden’s media watchdogs would like you to believe that gas prices and inflation have nothing to do with Biden. #PutinsPriceHikeBiden was the first to realize this. pic.twitter.com/CgElJRAYwJ
— NewsBusters (@newsbusters) March 15, 2022
Conservatives under attack For more information on the Inflation Crisis, contact ABC News (818) 460-77777, CBS News (212 975-3247), and NBC News (212 664 64192) to demand that they tell the truth.
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