Democrats can spin desperately all they want, but working class Americans know good and well that Biden's inflationary economy is a catastrophe that's wrecking and erasing the gains working families had made.
On Friday’s broadcast of CNN’s “New Day,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers argued that when you remove the volatile parts of inflation numbers to look at the more stable underlying inflation rate, the numbers point to the U.S. “having inflation in the 5% range, which is well above what is acceptable.
Summers said there will be “all kinds of fluctuations because gas prices go up, gas prices go down. There [are] other volatile components of inflation. So, what you have to do is look at what the underlying, more medium-term inflation rate is, and that means looking at things like the behavior of wages, that means looking at the median component of inflation, whatever product each month is right in the middle of the distribution, and it means looking at core inflation — so-called core inflation.
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