Democrats have blamed our 40-year-high inflation on “Putin’s gas hike.” They want you to believe that because gas prices have gone up (due to the Ukraine War), inflation is going up.
But a former Obama economist knows better. And he’s putting the blame where it belongs: Joe Biden.
Former President Barack Obama economist Larry Summers said we had inflation under control for 40 years until President Joe Biden passed his $2 trillion stimulus, during his remarks at the Aspen Institute in Washington, D.C. on 8/26/2022.
Summers claimed we “lost the threat” when Biden passed his massive “stimulus” spending bill in early 2021.
But he wasn’t finished.
Former President Barack Obama economist Larry Summers said we will have stagflation for the “next several years,” during his remarks at the Aspen Institute in Washington, D.C. on 8/26/2022.
Thanks to Joe Biden’s reckless $2 trillion stimulus bill, inflation grew out of control.
As Summers explained, we had inflation well in hand… for forty years. But the second Biden got into power, he ruined it.
And, because of this, Summers believes we will be experiencing “stagflation” for the next few years.
Stagflation, of course, is a way of saying we will have a stagnating (not growing) economy, thanks to Biden’s inflation.
Summers didn’t name Biden directly in these videos, but he is squarely putting the blame on him. It was Joe who pushed for this massive spending bill in 2021.
Although the country was recovering from the pandemic, with people going back to work, he flooded the economy with new money.
He extended unemployment and welfare, encouraging people not to go back to work. And the economy has never been the same since.
There are other factors that have contributed to stagflation, but they are all Biden’s fault too.
- Former Obama economist blamed Biden’s $2 trillion “stimulus” for the inflation.
- He said inflation was under control for 40 years until Biden got into office.
- Summers predicted we will have “stagflation” for the next few years.