Former Obama economic policy guru slams Biden admin over inflation
This is not first time Lawrence Summers has been critical of Biden administration
A former Obama economic policy guru is taking a shot at the Biden administration over inflation.
Lawrence H. Summers took to Twitter to voice his thoughts on the issue as inflation has recently risen to a 39-year high as Americans have seen increases in food, gasoline and cars.
"I cannot understand why so many in Admin & out cling to the idea that inflation is caused by bottlenecks & will soon recede to normal levels," Summers tweeted. "Of course there is uncertainty but the idea that inflation will revert soon to levels anywhere near Fed’s target looks like a long shot."
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Summers' comments were part of a lengthy Twitter thread, detailing his concerns over rising costs for consumers.
Summers, who served as secretary of the treasury under President Clinton and director of the National Economic Council under President Obama, has been a frequent critic of the Biden administration over inflation issues.
This past October, Summers called out Federal Reserve officials for allegedly spending too much time focused on social issues rather than fighting inflation.
"We have a generation of central bankers who are defining themselves by their ‘wokeness,’" Summers said during a virtual conference organized by the Institute of International Finance. "They're defining themselves by how socially concerned they are."
Summers argued the country is "in more danger" than it was during his career "of losing control of inflation in the U.S."
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Later in the month, Summers also clashed with Secretary of the Treasury Janet Yellen after she suggested he was wrong for alleging the country faced a risk of out-of-control inflation.
He defended his claims, explaining he believes that "the gap between Treasury & Fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months."
"Until the Fed & Treasury fully recognize the inflation reality, they are unlikely to deal with it successfully," he said in October.
Summers reflected that be believed there was a "less than a 50/50 chance" that Yellen was correct when she said inflation levels would return to normal by next year.
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Despite being at odds with the administration over inflation, Summers still supports the Build Back Better Act, which would dramatically expand government spending on social programs.
FOX Business' Thomas Barrabi and Megan Henney contributed to this report.