Obama Adviser: ‘We’re Not in a Controlled Place’ on Inflation, Americans Must Begin ‘Managing for Some Slowdown’

Harvard professor Larry Summers warned that rampant inflation wreaking havoc on the economy under Joe Biden will continue, calling for Americans to start “managing for some slowdown.”

Summers, who served as the Director of the National Economic Council under former President Barack Obama, explained on Bloomberg’s “Wall Street Week” that the tepid September jobs report indicates “we’re not in a controlled place on inflation.”

“I think these numbers were about what we expected, and the sensible judgment was that we’ve got an inflation problem,” Summers said Friday.

“Core inflation figures look artificially good. They’re better than median inflation. And yet, core inflation ran at a 7% rate last month, and that was more than for the quarter and the quarter was more than for the half-year and the half-year was more than for the whole year.”

“So, we’re not in a controlled place with respect to inflation,” he continued. “And there wasn’t really anything in this report to suggest that we were coming into a controlled place.”

The former Treasury Secretary under President Bill Clinton went on to claim that the U.S. economy is headed for a “collision” that must be managed “carefully.”

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