Time To Pin A Medal On Larry Summers For His Bidenflation Prediction
I & I Editorial Board
November 11, 2021
We’re not big fans of economist Larry Summers, but in this case, he should be in line for a Nobel Prize for predicting exactly what is happening with inflation today … and who is to blame for it.
On Wednesday, the Bureau of Labor Statistics reported that inflation climbed at an annual rate of 6.2%, the biggest such jump in three decades.
And that’s despite repeated predictions from other “experts” that the spike in prices earlier this year was “transitory.” Even now, they are flummoxed. As the Washington Post put it Wednesday, inflation is “lasting longer than policymakers at the Fed and White House anticipated.”
But no one, we repeat, no one, should be surprised by the latest turn of events.
Go back and listen to what Summers was saying at the start of the year, and it’s eerily prescient.
Summers publicly and repeatedly warned that President Joe Biden’s $1.9 trillion “rescue” plan —which was Biden’s first big “achievement” that passed without a single Republican vote — would spark an inflationary spiral.
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https://issuesinsights.com/2021/11/11/time-to-pin-a-medal-on-larry-summers-for-his-bidenflation-prediction/
