Larry Summers was right about inflation. Biden and the DC cabal were flat ass wrong – it’s not transitory.

Here is a great article at issuesinsights.com about the current state of inflation in the U.S.A.  Larry Summers predicted what is happening and was taken to the proverbial wood shed by the DC cabal and media elite.

Here is a graph from the article showing what Biden has done to inflation :

This is NOT a temporary spike in inflation.  

But the only answer the dem/lib/pro pols have is to spend more.  Incredibly, there was a news report last night where an administration spokesman was stating the current $1.8 trillion spending bill would bring inflation down.

Here is Milton Friedman on inflation:

Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output… A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.

Spending another $1.8 trillion will only worsen the problem.  It is not a cure.

Don’t hold your breath waiting for Janet Yellen to say she was wrong.