Image Credit: screenshot/CNN 
The events of January 6 and the “banana Republicans” who were involved are responsible for the soaring inflation plaguing the economy, according to former Treasury Secretary Lawrence Summers.
Summers, who served under the Obama administration, began his appearance on CNN’s “State of the Union” Sunday by calling for raising taxes on the middle class and on corporations to fight the 40-year-high inflation.
“We should focus on what’s important, not raising input prices for American producers, so they’re less competitive, which is what much of those tariffs do. Instead, we should be focusing on things that allow the leakage of key technologies to China and the like,” Summers told host Dana Bash.
“We should pass at long last some kind of legislation, ideally, on a bipartisan basis that would raise the vastly excessive Trump tax cuts, join the world in taxing corporations, take down prescription drug prices. All of that would operate to reduce inflation. There are things we can do.”
Summers then claimed, without elaborating, that America’s current high inflationary environment is a byproduct of the January 6 protests.
“If I can step out of my area for one second. I think the banana Republicans who are saying that what happened on January 6 was nothing or okay, are undermining the basic credibility of our country’s institutions,” Summers asserted. “That, in turn, feeds through for inflation because if you can’t trust the country’s government, why should you trust its money?”
Summers proposed simply letting the Federal Reserve continue its policies of money-printing and incrementally raising interest rates.
“So, I think it’s terribly important that we take the temperature down in Washington. That we recognize behavior that’s just out of bounds of reasonable and decency, we give the Fed the room it needs,” Summers said. “We bring down the budget deficit. We take down prices directly through prescription drugs. This is a challenge that we can meet. If we’re prepared to be serious about taking it on.”
According to the latest Consumer Price Index data, inflation in May spiked to 8.6%.
Meanwhile, the Fed is currently mulling raising interest rates to almost 2%.
Summers’ remarks come just days after the Democrat-led House Select Committee staged a highly-produced show trial claiming former President Donald Trump led an insurrection on the Capitol on January 6, 2021.
Summers’ assertion that the January 6 protests are responsible for inflation is patently disprovable, as unusually high inflation is being measured all across the world, including in Japan, Turkey, China, the UK, and the European Union.
Rather, the central banks who’ve kept interest rates at near 0% for over a decade in the wake of the 2008 financial crisis, followed by excessive money-printing policies amid the COVID plandemic, are the top contributors of inflation.
But when has reality ever stopped a new Democrat talking point?
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