{"id":252431,"date":"2021-05-17T21:15:03","date_gmt":"2021-05-17T18:15:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/larry-summers-raises-inflation-concerns-as-he-blasts-bidens-spending\/"},"modified":"2021-05-17T21:15:03","modified_gmt":"2021-05-17T18:15:03","slug":"larry-summers-raises-inflation-concerns-as-he-blasts-bidens-spending","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/larry-summers-raises-inflation-concerns-as-he-blasts-bidens-spending\/","title":{"rendered":"#Larry Summers raises inflation concerns as he blasts Biden\u2019s spending"},"content":{"rendered":"

“#Larry Summers raises inflation concerns as he blasts Biden\u2019s spending<\/strong>”
\n<\/p>\n

\n

Former Treasury Secretary Larry Summers said he is skeptical of massive spending increases under Biden and the Federal Reserve \u2013 and is now worried about inflation more than ever, according to a report. <\/p>\n

\u201cThe traditional role of the Fed is to remove the punch bowl before the party gets good, right?\u201d Summers told Axios<\/a>. \u201cThey have announced that their new policy is to remove the punch bowl only after they have clearly seen a number of people staggering around drunk.\u201d<\/p>\n

His comments come just days after April\u2019s Consumer Price Index showed prices surged 4.2 percent from last April, making it the largest jump in prices since 2008. Over the past year the Fed has flooded the markets with money \u2014 $120 billion a month \u2014 as part of its bond-buying quantitative easing effort to stabilize markets. <\/p>\n

Last week, Fed vice chairman Richard Clarida admitted he was surprised by the CPI report, but said the central bank still believes steep inflation will be temporary as the Fed sticks with its easy-money policies in a bid to prop up the labor market. <\/p>\n

In February, Summers penned an op-ed for the Washington Post <\/a>where he laid out his worries about Biden\u2019s massive spending and said the trillions of dollars Biden wanted to spend could create \u201cinflationary pressures of a kind we have not seen in a generation.\u201d<\/p>\n

Summers said now he is even more concerned as Biden unveils more plans to ramp up spending. Summers notes that spending first and taxing later could \u201cadd fuel to the [inflationary] fire\u201d even if Biden does intend to raise taxes down the line to pay for coronavirus relief and infrastructure. <\/p>\n

Summers has been a key figure in crafting economic policy for Democrats since the 1990s\u2014in addition to serving as Treasury Secretary, he also served as Chief Economist of the World Bank and head of the National Economic Council under President Obama.<\/p>\n

Other democratic economists have also broken rank with Biden. President Obama\u2019s Council on Economic Advisors chief Jason Furman has also been critical of the massive spending \u2014 calling Biden\u2019s coronavirus relief package \u201ctoo big for the moment.\u201d<\/p>\n

The Biden White House is quick to defend its fiscal app<\/a>roach, saying once people are vaccinated and go back to work, any inflationary issues will be ameliorated.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News<\/a> articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Larry Summers raises inflation concerns as he blasts Biden\u2019s spending” Former Treasury Secretary Larry Summers said he is skeptical of massive spending increases under Biden and the Federal Reserve \u2013 and is now worried about inflation more than ever, according to a report. \u201cThe traditional role of the Fed is to remove the punch bowl…<\/p>\n","protected":false},"author":1,"featured_media":252432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/05\/sized-larry-summers.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[106079,70550,70551,991,88069],"class_list":["post-252431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-17-21","tag-federal-reserve","tag-inflation","tag-joe-biden","tag-larry-summers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=252431"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/252431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/252432"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=252431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=252431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=252431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}