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Larry Summer, former economic advisor to Barack Obama, spoke about the country’s situation and recalled that inflation was under control for at least forty years. He acknowledged that Joe Biden’s administration got out of hand with the economic situation more than a year and a half ago.
“We basically had inflation under control for forty years. We lost the thread…about a year and a half ago,” he said referring to the timing of Biden’s $1.9 trillion stimulus push.
Summer’s comments come at a time when the country is facing the highest inflation in four decades.
Americans concerned about inflation
After learning of the statements, there were reactions from some people. This is the case of journalist Randy DeSoto, who expressed that it is surprising the way in which the Biden Administration made decisions that put an end to the country’s economic growth.
“It’s astounding to me how Biden and the Democrats could make every wrong choice in such a short period of time and turn a booming recovery into a recession,” DeSoto tweeted.
He further argued that in the face of the situation, it is necessary for the Republicans to win the midterm elections. “GOP must prevail in the midterms or we’re in for a rough ride,” he commented.
Williams Perdomo es periodista y escritor, especializado en las fuentes Política y Cultura.