Democrat economist Larry Summers, who repeatedly warned President Joe Biden in 2021 that his reckless government spending would lead to a serious inflation crisis, warned again this week that things have not improved and inflation is running much higher than the official government numbers state.
Summers’ warning comes after Biden’s economy took a gut punch on Wednesday when a hotter-than-expected inflation report was released, showing a 3.5% increase over the last 12 months — the highest year-over-year increase since last September.
According to the latest Consumer Price Index data — which was released by the Bureau of Labor Statistics — key drivers of the higher rates include car insurance, groceries, electricity, and gas. New parents and pet owners are feeling the pinch as well, with baby food now up over 30% since 2021 and pet food up 23.7%.
The higher-than-expected…
