{"id":599832,"date":"2021-07-22T07:36:31","date_gmt":"2021-07-22T11:36:31","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=599832"},"modified":"2021-07-22T07:36:38","modified_gmt":"2021-07-22T11:36:38","slug":"biden-claims-top-democrat-economist-larry-summers-is-not-worried-about-inflation-he-is","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-claims-top-democrat-economist-larry-summers-is-not-worried-about-inflation-he-is\/","title":{"rendered":"Biden Claims Top Democrat Economist Larry Summers Is Not Worried About Inflation. He Is."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fbiden-claims-top-democrat-economist-larry-summers-is-not-worried-about-inflation-he-is%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=599832&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/Biden1-5-scaled-1.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>President Joe Biden claimed during a CNN town hall event on Wednesday night that Democratic economist Larry Summers is not worried about inflation, despite the fact that Summers has repeatedly warned that inflation is a serious threat to the economy.<\/p>\n<p>Biden made the claim after admitting that prices are up right now, saying, \u201cIt relates to what, in fact, is now needed because we\u2019re growing.\u201d<\/p>\n<p>\u201cI don\u2019t know anybody \u2014 including Larry Summers, who\u2019s a friend of mine, who\u2019s worried about inflation \u2014 is suggesting that there\u2019s any long-term march here if we do the things we\u2019re going to do,\u201d Biden claimed.<\/p>\n<p>However, Summers has repeatedly warned about inflation and recently <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-25\/summers-sees-u-s-inflation-ending-2021-pretty-close-to-5\">predicted<\/a> that inflation will be running \u201cpretty close\u201d to 5% by the end of this year.<\/p>\n<p>Summers <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/02\/04\/larry-summers-biden-covid-stimulus\/\">warned<\/a> in an op-ed in The Washington Post in February that \u201cpolicymakers need to ensure that they have plans in place to address two possible, and quite serious, problems\u201d:<\/p>\n<blockquote readability=\"17\">\n<p><em>First, while there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability. This will be manageable if monetary and fiscal policy can be rapidly adjusted to address the problem. But given the commitments the Fed has made, administration officials\u2019 dismissal of even the possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is the risk of inflation expectations rising sharply. Stimulus measures of the magnitude contemplated are steps into the unknown. For credibility, they need to be accompanied by clear statements that the consequences will be monitored closely and, if necessary, there will be the capacity and will to adjust policy quickly.<\/em><\/p>\n<\/blockquote>\n<p>Politico reported earlier this month that some Biden administration officials are beginning to worry that Summers might have been right with his warning about inflation, especially now that Summers is saying that he is currently more worried about the issue than he was when he made the original warning.<\/p>\n<p>\u201cThese figures and labor market tightness and the behavior of housing markets and asset prices are all rising in a more concerning way than I worried about a few months ago,\u201d he <a href=\"https:\/\/www.politico.com\/news\/2021\/07\/13\/larry-summers-biden-inflation-499502\">said<\/a> in an interview this month. \u201cThis raises my degree of concern about an economic overheating scenario. There are huge uncertainties in the outlook, but I do believe the focus of concern right now should be on overheating.\u201d<\/p>\n<p>In a separate interview in June, Summers warned, \u201cThe main risk is that our economy\u2019s going to overheat.\u201d<\/p>\n<p>\u201cAnd then once it overheats, it\u2019s going to be hard to put out the fire without doing a lot of damage and causing a lot of problems,\u201d he added. \u201cAnd so I\u2019d like to see us shift towards a policy concern. I mean, let me give you another example.\u201d<\/p>\n<p>WATCH:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"10.128\">\n<p lang=\"en\" dir=\"ltr\">Joe Biden falsely claims former Obama economist Larry Summers isn\u2019t worried about long term inflation.<\/p>\n<p>REALITY CHECK: Summers wrote an op-ed titled &#8220;The inflation risk is real.&#8221; <a href=\"https:\/\/t.co\/O3CDzSY2se\">pic.twitter.com\/O3CDzSY2se<\/a><\/p>\n<p>\u2014 RNC Research (@RNCResearch) <a href=\"https:\/\/twitter.com\/RNCResearch\/status\/1418009630869962752?ref_src=twsrc%5Etfw\">July 22, 2021<\/a><\/p>\n<\/blockquote>\n<p><i><span>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 <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden claimed during a CNN town hall event on Wednesday night that Democratic economist Larry Summers is not worried about inflation, despite the fact that Summers has repeatedly &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-599832","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\/599832","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=599832"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/599832\/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=599832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=599832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=599832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}