According to US media reports on May 27, local time, former US Secretary of the Treasury and senior economist Lawrence Summers warned the US government that the US should immediately impose restrictions on loose economic measures, otherwise it will cause severe inflation.
Summers said that the current US government fiscal policy is loose and aggressive, and the Federal Reserve maintains a loose monetary policy. All of these have made the United States bear huge inflation risks. Although he supports President Biden's decision to raise the minimum wage, at the same time, the United States is printing money, issuing national debt, and borrowing on an unprecedented scale. Related decisions will cause the dollar to fall and turn into inflation. In addition, he pointed out relevant evidence that the current labor shortage in the United States, rising wages, and price increases far exceed expectations.
The report pointed out that since April 2020, the price of wood in the United States has more than tripled, and the prices of commodities such as used cars, steel and food have also risen sharply, causing a serious economic blow to low-income families.
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