Joe Biden’s failures are piling up.
Even his own party is flipping on him.
And what this one Obama ally said left Joe Biden furious.
Joe Biden’s presidency is turning out to be a failure.
Everyday seems to bring Biden a new scandal or blunder that his staff has to cover-up as quickly as possible.
But no one expected an attack from his own party.
Larry Summers, the Former Treasury Secretary under Bill Clinton and former director of the National Economic Council under Barack Obama, just came out ringing warning bells about the Biden economy.
Everyone knows that the draconian COVID-19 lockdowns plunged the Trump-built U.S. economy into decline last year.
Massive amounts of layoffs and an extended unemployment benefit-induced labor shortage were bad enough, but Summers thinks the big issue is inflation.
For the past year, Americans have been staying at home saving as much money as they can because of the uncertain economic environment government bureaucrats threw them into.
Add that to the trillions of dollars the government has been spending to stimulate the economy and the near-zero interest rates the Fed has no plans on changing, and you have a recipe for Jimmy Carter-style inflation.
“The consumer price index rose at a 7.5 percent annual rate in the first quarter, and inflation expectations jumped at the fastest rate since inflation indexed bonds were introduced a generation ago. Already, consumer prices have risen almost as much as the Fed predicted for the whole year,” Summers said.
Joe Biden doesn’t seem to be listening at all.
He is pushing a massive $6 trillion package to pay for “infrastructure” – the Democrats’ new code word for all of their pet projects they can’t ram through the normal 60 vote threshold.
Joe Biden is in a mad dash to push through his socialist spending plan even if it hurts every American with an inflationary bubble.
Stay tuned to Right News Wire for any updates to this ongoing story.