Biden says that no “serious” economist is worried about inflation

Despite the price of goods and services in the U.S. rising by 5 percent in May alone which is the highest recorded inflation rate recorded since 2008. Biden has come out and said, “There’s nobody suggesting there’s unchecked inflation is on the way. No serious economist.”

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.

Larry Summers who was the Treasury secretary under Bill Clinton, director of the National Economic Council under Barack Obama, chief economist of the World Bank, president of Harvard University and one of the most prominent economists in the U.S. today says he is worried about inflation.
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.

Summers has criticized the Fed’s position on inflation. Saying, “I think the fed has been wrong for the last six months in its optimism that inflation will be transient.” Speaking to the fact that both Bide and Fed chair Jerome Powell have insisted that inflation will be “transitory.”
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.