In this Friday, May 20, 2021, photo, a fuel truck driver checks the gasoline tank level at a United Oil gas station in Sunset Blvd., in Los Angeles. The average U.S. price of regular-grade gasoline jumped 8 cents over the past two weeks, to $3.10 per gallon. (AP Photo/Damian Dovarganes)
UPDATED 7:08 AM PT – Thursday, May 27, 2021
Former Treasury Secretary Larry Summers has cautioned the current administration about the potential risk of rising inflation.
During a pre-taped interview released Wednesday, Bill Clinton’s former cabinet secretary continued to issue a warning about the possible fallout of injecting trillions of dollars into the economy. He said while such measures were needed at the beginning of the coronavirus pandemic, they have become excessive at this point.
“So I think we’re taking very substantial risks on the inflation side and we’re taking them well after there was a need to hedge against the deflation possibility, so I think policy is rather overdoing it,” he stated.
Summers has routinely spoken out against current Treasury Secretary Janet Yellen who has downplayed the likelihood of inflation and advocated for additional spending measures.