During Sunday’s broadcast of CNN’s “State of the Union”, former Treasury Secretary Lawrence Summers said the “banana Republicans” and the events of January 6, 2021 had contributed to ongoing inflation in the American economy.
Summers said: “We should focus on what’s important, not on raising input prices for US producers, to make them less competitive, which is what makes up a lot of those tariffs. Instead, we should We should finally pass some sort of legislation, ideally in a bipartisan way that increases Trump’s excessive tax cuts, and so on. “Join the world to tax corporations, reduce the prices of prescription drugs. All of this would work to reduce inflation. There are things we can do.”
Summers added: “If I can get out of my area for a second, I think the Republican bananas who say what happened on January 6 were nothing or are undermining the basic credibility of our country’s institutions. This, in turn, fuels inflation because if you can’t trust the government of the country, why should you trust their money? So I think it’s very important that we lower the temperature in Washington. It is beyond the limits of reason and decency, we are giving the Fed the space it needs, we are reducing the budget deficit, we are lowering prices directly through prescription drugs, this is a challenge that we can meet if we are prepared to take it. seriously “.
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