Yet prominent economists like Larry Summers and investors are worried about inflation. The latest Bureau of Labor Statistics report released on June 10 immediately sent some investors and lawmakers into a tailspin over concerns that high inflation figures could negatively affect the stock market or lead to double digit inflation such as what we saw in the 1970’s. Which the results were long lines at gas stations and boycotts over the high cost of food.
Summers has been warning that the Biden administration policies risked inflation and overheating the economy several months ago and just recently warned again as he took to twitter.
According to Summers other prominent economist have also expressed concerns that inflation will continue to rise and last longer than the Biden administration or the Fed would like to admit.