Former Clinton treasury secretary: Biden administration not grasping concern of inflation

Former Clinton Treasury Secretary Larry Summers raised some concerns over the economy and inflation when he appeared on CNN.

Summers, who has criticized Democrats' plans to spend trillions of dollars, clashed with the Treasury Secretary Janet Yellen when she claimed he was "wrong" for worrying about out-of-control inflation.

"I think it’s a mistake to think of this as only an issue about stimulus," Summers added. "It’s also an issue around what’s happened with the Federal Reserve. It’s also an issue around the fact that Covid mutated into the Delta variant. It’s also related to broad geopolitical developments and climate that have impacted on the energy markets."