Following Treasury Secretary Janet Yellen’s recent discussion on CNN of President Biden’s economic plans, former Treasury Secretary Larry Summers tweeted:
I began my career when Paul Volker [sic] was taking over at the Fed and not since then have I been more worried. I am curious at what point in the last forty years Treasury thinks the risk of an inflation spiral are greater than they are now?
The tweet was later deleted, reports Peggy Noonan in the WSJ.
In comments to the New York Times, Jason Furman, head of Mr. Obama’s Council of Economic Advisers, seemed to support Mr. Summers:
Higher Output = Higher Prices
Mr. Biden’s first spending bill, the American Rescue Plan, was “oversized” and “contributed to both higher output but also higher prices.
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