Inflation is the worst it has been in three decades. Just in time for the holiday season, the prices of food, gas and appliances are climbing.
Economist Larry Summers saw this all coming, and he warns it will likely get worse before it gets better.
"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 wrote in a column for The Post. "While an overheating economy is a relatively good problem to have compared to a pandemic or a financial crisis, it will metastasize and threaten prosperity and public trust unless clearly acknowledged and addressed."
Summers was one of Barack Obama's top economic advisers during the Great Recession and served as Bill Clinton's treasury secretary. He's a professor at Harvard and was previously president of that university.