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Top Obama economist: Biden is going to "overheat" the economy

Published in Blog on June 15, 2021 by Convention Of States

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When economists who worked for Barack Obama warn of overspending, you know we've gone off the rails.

Larry Summers, who worked in both the Obama and Clinton administrations, warned over the weekend that the Biden administration's fiscal policies are threatening to "overheat" the economy and cause massive inflation. Because Biden has continued pumping money into an already recovered economy, Americans can expect the prices of good and services to continue to rise--with no sign of slowing down.

“If you looked at how the economy was coming into this year, we had total wages and salaries coming to people were 20 or 30 billion dollars a month lower because many of them had to be home because of COVID and the economy was slowed,” Summers said. “But we put in a stimulus that was putting into the economy more than 200 billion dollars a month. And so when you take a hole and you overfill it, you’re likely to have problems. That started to manifest itself."

Summers named two examples that most Americans should be familiar with. First, the housing market. The housing market is hotter than it's ever been before, and yet Biden and his "experts" continue to subsidize mortgages.

“We’ve got houses, a housing market in an incredible place,” Summers said. “For the first time since they started having these statistics, the majority of houses are selling above their asking price. Why in the face of a housing market on fire should the Fed be intervening in the markets to buy up mortgage-backed securities and subsidized mortgages? Seems like that’s adding gasoline.”

Biden's policies will continue to drive up home prices and block first-time home buyers from the market. Other Americans will purchase homes at inflated market values and then be stuck with a significantly smaller investment once the inflationary bubble bursts (which it eventually will).

The federal government has also improperly encouraged people to stay home rather than seek employment, Summers said. 

Summers called it “completely inappropriate” to continue providing “unemployment insurance on excessively generous terms where we’re giving people more money for not working than they would have earned working.”

Businesses are having to raise wages to attract employees, but those wages are artificially inflated, and they will eventually fall. But before they do, hundreds of small businesses will be forced to close their doors. These businesses don't operate on large margins, and they won't be able to afford higher wages. Meanwhile, the large corporations Democrats claim to hate so much will be able to stay in business and grow their market share as mom and pop businesses close down. 

The federal government shouldn't be meddling in the economy. The Trump administration cut regulations, and it led to the most prosperous economy in a generation. Now Biden is returning to a hands-on federal government, and the result will be higher inflation, less prosperity, and less opportunity for the American people. 

If you want to get the federal government out of the economy, there is a way. An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments that limit the power, scope, and jurisdiction of the federal government. These amendments can strip Washington of its power to "control" the economy and return that power where it belongs: with hardworking Americans. 

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