Summers Blasts Gas-Tax Holiday as ‘Plumbing Depths’ of Bad Ideas
- Price controls would be ‘disaster,’ former Treasury chief says
- Summers says high inflation a demand problem, needs Fed action
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Former U.S. Treasury Secretary Lawrence Summers blasted proposals to tinker with prices as a way of reining in decades-high inflation, saying there’s no alternative to tighter monetary policy from the Federal Reserve to temper demand.
“We are plumbing the depths of new bad ideas with that one,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin on Friday, when asked about a proposed holiday for the federal gasoline tax.