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.
