{"id":1210882,"date":"2022-01-12T11:49:57","date_gmt":"2022-01-12T16:49:57","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1210882"},"modified":"2022-01-12T11:50:08","modified_gmt":"2022-01-12T16:50:08","slug":"even-obamas-top-economic-advisor-recognizes-we-have-a-serious-inflation-problem","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/even-obamas-top-economic-advisor-recognizes-we-have-a-serious-inflation-problem\/","title":{"rendered":"Even Obama\u2019s Top Economic Advisor Recognizes \u2018We Have A Serious Inflation Problem\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feven-obamas-top-economic-advisor-recognizes-we-have-a-serious-inflation-problem%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1210882&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Lawrence Summers, a Harvard economist and former Secretary of the Treasury under President Bill Clinton and a top economic advisor to President Barack Obama, stated Wednesday morning that the United States has a \u201cserious inflation problem.\u201d<\/p>\n<p>Summers\u2019 comment came in response to a <a href=\"https:\/\/www.axios.com\/biden-inflation-report-ffbc02fe-1df4-4f27-85db-d00b29b4cc73.html?utm_campaign=organic&amp;utm_medium=socialshare&amp;utm_source=twitter\">report from Axios<\/a> that the Biden White House is looking to downplay economic woes by comparing U.S. rising prices of goods to prices globally as well as the overall, potential downward trend of inflation in 2022. Still, the liberal economist noted that inflation is \u201crunning well ahead of anything seen\u201d during historic highs in the 1970s.<\/p>\n<p>According to Axios, White House officials \u201care trying to temper public expectations and minimize the bad-news blow.\u201d To do so, they hope to show that inflation will be down from 7% to 3% over the next two years.<\/p>\n<p>Regardless of their efforts, Summers tweeted that America has a \u201cserious inflation problem whatever the precise CPI reading. Inflation is running well ahead of anything seen during the guns and butter Vietnam episode and 50 percent above where it was when Pres Nixon imposed wage price controls.\u201d<\/p>\n<p>Summers also noted that economic experts have been wrong about inflation before, so he cautioned trusting the prediction that inflation will decrease anytime soon.<\/p>\n<p>\u201cWhite House cites leading economists as foreseeing sharp declines in inflation over next two years. Certainly could happen. On other hand same kind of consensus was looking for inflation at well below 3 percent this year and it turned out to be 7,\u201d he wrote.<\/p>\n<p lang=\"en\" dir=\"ltr\">White House cites leading economists as foreseeing sharp declines in inflation over next two years. Certainly could happen. On other hand same kind of consensus was looking for inflation at well below 3 percent this year and it turned out to be 7.<\/p>\n<p>\u2014 Lawrence H. Summers (@LHSummers) <a href=\"https:\/\/twitter.com\/LHSummers\/status\/1481241782709018628?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/p>\n<p>As noted by former Trump advisor Steve Cortes, \u201cLarry Summers is hardly MAGA, but he is an economist who sees the reality of what\u2019s happening to working class Americans under Biden\u2019s Inflation surge.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Larry Summers is hardly MAGA, but he is an economist who sees the reality of what\u2019s happening to working class Americans under Biden\u2019s Inflation surge. <a href=\"https:\/\/t.co\/fTG5hZBa3m\">pic.twitter.com\/fTG5hZBa3m<\/a><\/p>\n<p>\u2014 Steve Cortes (@CortesSteve) <a href=\"https:\/\/twitter.com\/CortesSteve\/status\/1481248656888053764?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/p>\n<p>Summers has been one of the lone voices on the Left warning about rising inflation for quite some time. In November, Summers wrote in an op-ed for <a href=\"https:\/\/www.washingtonpost.com\/podcasts\/please-go-on\/larry-summers-says-inflation-will-get-worse-before-it-gets-better\/\">The Washington Post<\/a> that the cost of goods would get worse before improving.<\/p>\n<p>\u201cExcessive inflation and a sense that it was not being controlled helped elect Richard Nixon and Ronald Reagan, and risks bringing Donald Trump back to power,\u201d Summers wrote at the time. \u201cWhile an overheating economy is a relatively good problem to have compared to a pandemic or a financial crisis, it will metastasize and threaten prosperity and public trust unless clearly acknowledged and addressed.\u201d<\/p>\n<p>As The Daily Wire <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-rises-7-in-december-over-previous-year-fastest-rise-in-almost-40-years\">reported<\/a>&nbsp;on Wednesday, the Labor Department revealed data showing that in December, consumer prices rose by 7% over the previous year, the fastest increase in roughly 40 years.<\/p>\n<p>In response to those figures, Republican National Chairwoman Ronna McDaniel slammed the Biden administration for failing to rein in the price of pretty much everything.<\/p>\n<p>\u201cUnder Joe Biden everything costs more, store shelves are empty, and small businesses are struggling to hire workers and stay open,\u201d McDaniel said in a statement given to The Daily Wire. \u201cJoe Biden does not care about the hurt he\u2019s brought on millions of Americans \u2013 with inflation at the highest level since 1982. Americans are paying the price for Biden\u2019s failures, and Biden doesn\u2019t care.\u201d<\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a&nbsp;<\/em><a href=\"https:\/\/www.dailywire.com\/subscribe\"><em>member<\/em><\/a><em>.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lawrence Summers, a Harvard economist and former Secretary of the Treasury under President Bill Clinton and a top economic advisor to President Barack Obama, stated Wednesday morning that the United States has a \u201cserious inflation problem.\u201d Summers\u2019 comment came in response to a report from Axios that the Biden White House is looking to downplay &#8230;<\/p>\n","protected":false},"author":326,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1210882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1210882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/326"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1210882"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1210882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1210882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1210882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1210882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}