President Joe Biden claimed during a CNN town hall event on Wednesday night that Democratic economist Larry Summers is not worried about inflation, despite the fact that Summers has repeatedly warned that inflation is a serious threat to the economy.
Biden made the claim after admitting that prices are up right now, saying, “It relates to what, in fact, is now needed because we’re growing.”
“I don’t know anybody — including Larry Summers, who’s a friend of mine, who’s worried about inflation — is suggesting that there’s any long-term march here if we do the things we’re going to do,” Biden claimed.
However, Summers has repeatedly warned about inflation and recently predicted that inflation will be running “pretty close” to 5% by the end of this year.
Summers warned in an op-ed in The Washington Post in February that “policymakers need to ensure that they have plans in place to address two possible, and quite serious, problems”:
First, while there are enormous uncertainties, there