[Washington Examiner] Former Treasury Secretary Lawrence Summers said Friday that inflation is going up even faster than he predicted, pushing back against the more rosy economic outlook of the Federal Reserve and the Biden White House.
"If only Joe knew"
"I was on the worried side about inflation and it’s all moved much faster, much sooner than I had predicted," Summers wrote on Friday. "That has to make us nervous going forward."
Annual inflation rose to 4.2% in April, the highest in nearly 13 years, with costs rising across the board, according to a report released by the Department of Labor earlier this week.
Summers cited the costs for labor, housing, and medical services as driving inflationary pressures within the economy during an interview with Bloomberg Television. |