Former U.S. Treasury Secretary Larry Summers continues to criticize President Joe Biden’s economic policies, even as his fellow Democrat has overseen a significant decline in the rate of inflation. Summers took particular aim at two pillars of “Bidenomics” — the shunning of free-trade agreements that seek to lower trade barriers at home and abroad, and a turn to industrial policies that seek to foster high-tech domestic manufacturing in an effort to shore up national security and increase well-paying jobs.
Don’t miss: Morgan Stanley credits ‘Bidenomics’ in lifting its U.S. economic-growth outlook See also: Consumer confidence climbs to 2-year high as worry over inflation and recession ease Summers said during a Tuesday event staged by the Peterson Institute for International Economics that he largely supported the Inflation Reduction Act, which included large subsidies for green-energy producers, because it is “overwhelmingly important that the United States have a strong, aggressive climate strategy” and the CHIPS Act because there’s a national-security argument for producing semiconductors within U.S. borders. “I think one should distinguish what the administration has mostly done, a large part of which I agree with, from the administration doctrine, which I think is increasingly dangerous,” he said. See: White House says it’s focused on being at front end of supply chain for chips, won’t comment on report of possible new ban on exporting A …
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