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Summers Faults Biden for Tying Inflation to Putin, Company Greed

  • Ex-Treasury chief says higher gas costs are price of freedom
  • Calls for a ‘new seriousness’ in Washington to face autocracy
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WATCH: Former Treasury Secretary Lawrence Summers says the Biden administration is “wrong” to blame Russia’s invasion of Ukraine for the surge in inflation.Source: Bloomberg

Former Treasury Secretary Lawrence Summers criticized the Biden administration’s emphasis on Russian President Vladimir Putin’s invasion of Ukraine and on price gouging by companies in ascribing causes for the surge in U.S. inflation.

“This is a consequence, fundamentally, of an overheated economy,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin on Friday, referring to the latest data showing the consumer-price index soared the most in four decades.