Communist Party USA

  The famed Harvard economist — advisor to both the Clinton and Obama administrations, the ultimate insider economist with a reputation for both genius and gullibility about finance capital — Larry Summers, is terrified of an overheated economy and 6% inflation, which he thinks looms. He admits he is a pessimist, and that optimists — like Treasury Secretary Janet Yellen, Fed Chair Jay Powell, and several  top economists sitting on Biden’s Council of Economic Advisors (CEA) — may be right that inflation is manageable, despite heavy government spending on income support for unemployed workers. Dean Baker, among the most reliable progressive economists, surveys the recent inflation reports, and summarizes as follows: Overall, this story is largely as predicted. There was a major bounce back in areas like airfares, car insurance, and hotels (up 8.8 percent). A temporary shortage led to a surge in used car prices and an unusual hike…

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Larry Summers’ inflation fears