A left-wing economist just gave Joe Biden the proverbial kiss of death with this statement

Joe Biden’s economy is completely off the rails.

The corporate-controlled press is doing everything it can to defend him, but it’s not working.

And a left-wing economist just gave Biden the proverbial kiss of death with this statement.

Larry Summers, a top economic advisor to Bill Clinton and Barack Obama, called out the “Bidenflation” that Americans are experiencing.

Democrats and their media allies have tried to argue that inflation is transitory, but Summers says there is no reason to believe that is the case.

Summers recently said:

“Given housing prices and tightening labor markets, there is no compelling reason to expect major deceleration in inflation . . . But, even if inflation subsided to 0.2 percent a month, the annualized inflation rate would be 6.5% in March, 5.1% in June, and 4.0% before the election in September (2022) . . . My guess is barring a major recessionary or financial shock next fall, headline inflation will round to 5 percent . . . We are beyond where the Vietnam inflation took us but still have plenty of time to stop a late 1970s situation from developing, if we have the will.”

Summers also blamed the loose monetary policy of the Federal Reserve – the Democrats are attempting to pump trillions more dollars into the economy, so they don’t want to hear of any belt-tightening by the Fed.

Summers wasn’t alone in his critique of Biden’s economy.

Libertarian economist Peter Schiff said inflation is far worse than reported because the Consumer Price Index (CPI) has been manipulated.

During an interview with Tucker Carlson, Schiff said:

“The government, Wall Street, the Federal Reserve, [have] a vested interest in the public not understanding how bad inflation is. In fact, one of the ways the Fed’s been able to justify creating more inflation is because they claimed we didn’t have enough of it. But the only reason we didn’t have enough of it is because they were relying on their own highly rigged CPI.”

Schiff argues that if the government were using the CPI from 40 years ago, inflation would be seen as astronomical.

Schiff added:

“You know, the CPI wasn’t always this dishonest . . . When they compare our inflation rates to the inflation of the 1970s, we’re not using the same CPI that we used then. The annualized rate of inflation so far, according to the CPI for 2021, is 7.3% if you annualize the first 11 months. That’s the worst rate since 1982, but if we were using the same CPI as we used in 1982, the rate would be closer to 15%, which means it’s the worst year of inflation in U.S. history because the highest one-year was 1980 when it was 13.5%, and this year it’s more than that.”

The establishment is doing everything it can to cook the books in favor of Biden, but the numbers are horrible any way they’re evaluated.

Stay tuned to Right News Wire for any updates to this ongoing story.

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