Veeeery dangerous.
https://www.cnn.com/2023/07/26/business/larry-summers-biden-inflation/index.html
Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans.
“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers said on Tuesday while speaking virtually at an event held by the Peterson Institute for International Economics.
Specifically, Summers took issue with the administration’s trade stance, efforts to prop up US manufacturing and its antitrust crackdown. The former Harvard president argued this approach could prove to be inflationary.
“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said.
“Bidenomics is a fundamental break from trickle-down economics, which underinvested in the American people and our competitiveness,” White House spokesperson Michael Kikukawa told CNN in a statement in response to the Summers criticism. “The pandemic and Russia’s war in Ukraine made clear that supply chains and critical resources can be easily disrupted, hurting consumers, workers, and the entire economy.”
The White House spokesperson added that Biden’s investments in infrastructure, clean energy, and semiconductors “are not just creating new factories and jobs, they are making our economy more resilient.”
https://www.cnn.com/2023/07/26/business/larry-summers-biden-inflation/index.html
Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans.
“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers said on Tuesday while speaking virtually at an event held by the Peterson Institute for International Economics.
Specifically, Summers took issue with the administration’s trade stance, efforts to prop up US manufacturing and its antitrust crackdown. The former Harvard president argued this approach could prove to be inflationary.
“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said.
“Bidenomics is a fundamental break from trickle-down economics, which underinvested in the American people and our competitiveness,” White House spokesperson Michael Kikukawa told CNN in a statement in response to the Summers criticism. “The pandemic and Russia’s war in Ukraine made clear that supply chains and critical resources can be easily disrupted, hurting consumers, workers, and the entire economy.”
The White House spokesperson added that Biden’s investments in infrastructure, clean energy, and semiconductors “are not just creating new factories and jobs, they are making our economy more resilient.”
