Rep. Jahana Hayes claimed, 'Democrats single-handedly saved the economy,' during her remarks at a virtual black caucus town hall.
and Larry Summers, have called out Democrats about their policies’ effects on inflation, which has hit a 40-year high. In January consumer prices were up 7.5 percent compared with a year ago, which is the largest jump in nearly four decades, and prices have continued to rise. As a result, inflation is sapping the savings accounts of American families, pushing up the prices of everything from groceries to cars, and causing real wages to fall.
Summers — the Treasury Secretary under Bill Clinton, director of the National Economic Council under Barack Obama, former president of Harvard University, and chief economist of the World Bank — warned the American people in many interviews over the last year about the increase in government spending.that Biden’s American Rescue Plan pumped up demand too much without taking steps to increase supply, which resulted in inflation.
Inflation only began to accelerate last March after years of coming in below the Fed’s two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What’s more, the