Inflation has continued to make the price of goods and services in America rise as the U.S. dollar’s purchasing power is not what it used to be. Meanwhile, the Obama administration’s former economic advisor, Larry Summers, recently told the press that “We’re going to see inflation of a kind we haven’t seen in 30 years.” Despite the gloomy forecasts, the White House doesn’t believe these predictions and U.S. Treasury secretary Janet Yellen is blaming inflation on the Covid pandemic.
Former Economic Advisor for Obama Predicts Red Hot Inflation Will Rise Higher — White House Rejects Idea Infrastructure Funds Will Keep Inflation Going
Americans are forking over more and more dollars to pay for gas, rent, homes, food, healthcare supplies, medicine, vehicles, and more, ever since the U.S. government expanded the money supply like at no other time in history. President Joe Biden seems to think that the trillion-dollar infrastructure bill will help alleviate inflation even though economists are doubting this prediction. Speaking with CNN, Larry Summers, the American economist who served as the 71st United States Treasury secretary, said: “We’re going to see inflation of a kind we haven’t seen in 30 years.”
NBC's Peter Alexander: "Americans are seeing their dollars, their paychecks stretched right now. Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?"
Psaki: "B/c no economist out there is projecting that[.]"
Um, wut? pic.twitter.com/Cz4vcguSvs
— Curtis Houck (@CurtisHouck) November 15, 2021
However, when White House press secretary Jen Psaki was asked about inflation soaring by an NBC journalist who kept pressing her, the secretary rejected such predictions. Fox News contributor Joe Concha made fun of the press secretary’s commentary on Twitter and