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(AP Photo/Tyler Evert) Former President Obama’s economic advisor Larry Summers wrote in the Washington Post during the debate over Joe Biden’s first $1.9 trillion pandemic stimulus bill: “[W]hile 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’ 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.” Summers got a lot of heat from the White House and other Democrats for that scary rhetoric. So where does Summers go for his apology?
Indeed, everything Summers warned against is coming true or could easily materialize. Summers even predicted White House denial that inflation was even a possibility. In fact, it’s been a hallmark of this administration to downplay the possibility of rising prices and attack those who suggest it.
Politico: There is a lesson here about the insularity of this White House: Summers was correct about inflation, but Biden’s economists dismissed him and some attacked him personally. It took months for them to fully come around — and it only happened after Biden’s approval rating suffered from voters’ perception that he wasn’t attentive to their concerns, a shellacking in the off-year elections in which inflation was a top concern and blindingly obvious data like that released today. Insularity? Or arrogance? The fact is, these people in the White House are not the brightest bulbs in the room — something that’s easily discernible by their failure to heed sound advice and personally attack those who disagree with them.
Related: Not ‘Transitory’: Team Biden Was Wrong All Year on Inflation
But it appears that Sen. […]
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They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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JD Rucker