(RoyalPatriot.com )- Economists are warning that the Biden administration is overseeing an economic meltdown that could be worse than the last time the president was in the White House…as vice president.
Former Treasury Secretary under the Obama administration, Lawrence Summers, said on Friday that inflation is increasing even faster than he had expected. He also pushed back on the positive economic outlooks of the Biden White House and the Federal Reserve and warned that the economic situation is getting pretty serious.
“I was on the worried side about inflation and it’s all moved much faster, much sooner than I had predicted,” Summers wrote. “That has to make us nervous going forward.”
Well, that doesn’t sound good.
Inflation in April increased to 4.2% in April this year, which is the highest in roughly 13 years. Combined with costs rising across the board, it’s a bad sign for Americans who are already struggling to get by as the country recovers from the devastating impact of the COVID-19 outbreak.
During an interview on Bloomberg Television, Summers said that the cost of medical services, housing, and labor were the driving forces behind inflation – a problem compounded by President Joe Biden and the Democrats’ refusal to walk back their huge unemployment benefit offerings that incentivize people to stay at home instead of going to work.
Summers previously worked with the Bill Clinton administration and is one of a number of Democrats who have warned President Joe Biden about the issue of inflation.
He also warned on Twitter that the Fed is planning for a “very benign scenario that we certainly can’t count on,” referring to officials from the Federal Reserve who said that inflation will only be temporary as the economy continues to grow.
Just as delusional as President Joe Biden, then?