US consumer prices surged at the fastest rate in 30 years in October.
When voters feel pain in the pocketbook, politicians beware.
That was the message from former United States Treasury Secretary Larry Summers in a string of threads posted on Twitter on Monday in which he warned that rising inflation risks landing former President Donald Trump back in the White House.
“Excessive inflation and a sense that it was not being controlled helped elect Richard Nixon and Ronald Reagan, and risks bringing Donald Trump back to power,” Summers warned.
US consumers prices surged at the fastest rate in 30 years in October, the US Department of Labor said last week.
Supply chain snarls and shortages of raw materials and workers are raising prices for US businesses, which in turn are increasingly passing those higher costs on to American consumers.
That matters deeply to the health of the US economy given that two-thirds of its growth is driven by consumer…