The Democratic party is saying after President Joe Biden's assertion that Putin has been discounted, now it is the January 6 insurrection that brought about US inflation.
The former Treasury secretary and former Obama adviser is attacking the Republicans who, according to him, downplaying the US capitol incident is causing high prices.
Jan. 6 Insurrection Caused US Inflation
Recently, Economist Larry Summers, who served two Democrat presidents and former treasury secretary of Bill Clinton, has mentioned why record inflation is happening. This time, the GOP denies the hyped-up capitol incident in 2021, reported RT.
The Republicans are not taking what happened at the US capitol seriously, intentionally undermining government institutions. Summers was interviewed on CNN last Sunday. It was an intent to connect the single event as to why inflation is happening, not trusting the government as the new spin of Democrats on runaway inflation, cited Breitbart.
The Dems are using the race card to inflate the insurrection and blame former President Donald Trump as he is charged with goading election fraud protestors to keep Biden from assuming office.
On Thursday, the Democrat-controlled Congress started airing a public hearing on the riot that is packaged for a primetime television audience with the support of former ABC News executive James Goldston, noted Vanity Fair.
Economist Says Government Distrust Led to Inflation
Summers used to be the director of the National Economic Council under then-President Barack Obama of the Democratic Party; he stressed civility in the US capital to bring back confidence in the Biden administration despite US inflation.
Summers, on the other hand, fomented government distrust in 2017 when he theorized that Russia 'hacked' the 2016 presidential election and could have conspired with the Trump team. One of the democrat adviser's former positions is chief economist at the World Bank and president of Harvard University.
In May, the United States' inflation rate achieved a 40-year high of 8.6 percent, and Biden scapegoated his Russian counterpart, Vladimir Putin.
In a report released last Friday, the president did the blame game by saying it's Putin's tax imposed on food and gas. Next on his list are the oil companies that are profiteering from high oil prices, although his critics have debunked it.
Last year, Summers correctly predicted severe inflation. He later disagreed with Treasury Secretary Janet Yellen's declaration last week that there is no proof of an economic downturn. He explained cryptically how inflation and unemployment are both low, and a recession always follows after two years.
Mentioned how optimists were mistaken a year back that there would be no inflation and denied there would be a recession. To try to ease inflation, he advocated a reduction of the US budget shortfall and reducing prescription drug costs. He also espoused the eradication of many tariffs on Chinese imports. But no matter what Summers is saying, a few economists say the US is already in recession; but the White House says the opposite.
According to the Bank of America chief investment strategist Michael Hartnett, in a note that he sent to clients, the US is already in a technical recession, but they're in denial. Also, inflation will continue with economic shocks because high interest rates are only about to start.
The democratic party denies that US inflation is the worst, and it's on Biden's watch; conveniently, Summers is adding a spin that the January 6 insurrection is to blame.
Related Article : Joe Biden Insists Record Inflation in 40 Years Is Caused by Putin, Not Wayward Sanctions Pushed by the US
