November 17, 2021

Biden spoke with prominent critic Larry Summers on economy after inflation warnings

The call, which was first reported by the Washington Post, comes as Summers has been a vocal critic of some of Biden’s economic agenda and as the President proposes significant amounts of new spending through his infrastructure and jobs package. The details of the conversation are still unknown, but the revelation of the call serves as a window into how Biden is sounding out different advice as he pursues his economic agenda.

Summers, a top economic adviser to former Presidents Barack Obama and Bill Clinton, has urged the White House to shift course after the government reported higher-than-expected inflation in April, which heightened fears of fresh trouble for the recovering US economy.

“Policymakers at the Fed and in the (White House) need to recognize that the risk of a Vietnam inflation scenario is now greater than the deflation risks on which they were originally focused,”…

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