Americans are reeling from the troublesome policies put in place by the Biden administration. The cost of living has skyrocketed, crime is pervasive, all while the pandemic wages on. His failure is palpable.
Just yesterday Biden attempted to quell concerns about the growing rate of inflation in the only way he knows how — by lying straight to the American people. Biden appeared in front of reporters to deliver a speech about the concerns many Americans have over the fledgling economy.
.@JoeBiden claims soaring inflation and dramatic price increases were "expected." In reality, the numbers have repeatedly exceeded expectations.
Our "leaders" are playing with fire and the people are getting burned. pic.twitter.com/Rb1ah0qWKf
— Young Americans for Liberty (@YALiberty) July 19, 2021
His words resounded; his lies echoed through the White House.
Joe Biden claimed “no serious economist” takes the recent price increases seriously. With zero proof and not one ounce of data, the “president” of the United States categorically denied every credible economic study that proves Biden’s inflation is here for years to come. He repeatedly referred to his “experts” to deny any responsibility for the increase in price for common goods and services.
Meanwhile, economists have in fact been warning of Biden’s policies for some time. Larry Summers, former Treasury Secretary under Bill Clinton and economic adviser in the Biden administration, Larry Summers is worried about inflation. He has been the Treasury Secretary under Bill Clinton, director of the National Economic Council under Barack Obama, chief economist of the World Bank, and president of Harvard University. He is one of the most prominent economists in the United States today.
Summers has been warning that the Biden administration’s policies risked inflation and overheating several months ago, a topic he broached on Twitter last week.
Labor market tightness, behavior of housing markets & asset prices all rising in a more concerning way than I worried @ a few months ago. This raises my degree of concern @ overheating scenario. There are huge uncertainties but the focus of concern now should be on overheating. https://t.co/gIV3jHDBGv
— Lawrence H. Summers (@LHSummers) July 14, 2021
In an interview on CNN, Summers expanded on his worries. The Biden administration’s American Rescue Bill, he said, made the mistake of pumping up demand too much without taking steps to increase supply. That had resulted in inflation.
Summers also criticized the Fed’s position on inflation. Like Biden, Fed chair Jerome Powell has insisted that inflation will be transitory.
“I think the Fed has been wrong for the last six months in its optimism that inflation will be transient,” Summers said.
You can watch Biden’s full remarks here:
Tune in as I deliver remarks on our economic recovery and the need for the Bipartisan Infrastructure Framework and the Build Back Better Agenda. https://t.co/EEGBeKlijz
— President Biden (@POTUS) July 19, 2021
Ironically, Summers reportedly met with White House officials to discuss his concerns last week.
Author: Nolan Sheridan
