Speaking at a town hall event on Wednesday, Former Vice President Joe Biden said he’s not worried about inflation, even though top Democratic economists warn of inflation’s threat to the US economy.
During the town hall, Biden referenced Lary Summers, a top Democratic economist saying, “I don’t know anybody — including Larry Summers, who’s a friend of mine, who’s worried about inflation — is suggesting that there’s any long-term march here if we do the things we’re going to do,”
Biden’s claim is problematic due to Summer’s going on the record, warning of inflation’s threat to the US economy. In a Washington Post op-ed, Summers said, “policymakers need to ensure that they have plans in place to address two possible, and quite serious, problems.”
Summers went on to note that his concern over inflation is greater now than when he originally made his warning in a recent interview saying, “These figures and labor market tightness and the behavior of housing markets and asset prices are all rising in a more concerning way than I worried about a few months ago. This raises my degree of concern about an economic overheating scenario. There are huge uncertainties in the outlook, but I do believe the focus of concern right now should be on overheating.”
