Top Obama Economist Delivers Stark Warning About What Is Happening With Inflation

Top Obama Economist Delivers Stark Warning About What Is Happening With Inflation


Larry Summers, who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama, warned in an interview this week that the U.S. is moving toward “higher entrenched inflation.”

“I think the data flow is saying what I’ve thought for quite some time that, yes, there are transitory elements in inflation, and very likely they will recede, but we are basically moving towards higher entrenched inflation,” Summers said. “It’s there in expectations, it’s there in wages, it’s there in labor shortages, it’s there in the pervasive pattern across many different prices.”

“And people try to excuse it by picking this figure and that figure from month to month, but we’ve got an overheated economy, and the Fed’s

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