- Larry Summers and Jason Furman, the top economists for Presidents Clinton and Obama, countered President Biden’s claims that the U.S. is making progress at fighting inflation.
- Summers: “Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one. Median inflation used to be a favorite indicator for team transitory. This month it was at its highest ever reading.”
- Furman said there is a possibility of stagflation, which is when slow growth, high inflation and high unemployment coexist.
