Larry Summers, the former Clinton and Obama economic advisor, who humiliated the Biden White House with his prediction that their policies would fuel inflation, is back!
His latest rebuke of the White House follows a New York Times report that Team Biden is ordering federal antitrust regulators to investigate companies it thinks are artificially inflating prices. Among the targets are meatpackers, oil companies, and supply-chain shipping companies.
The Times reports: “White House officials say they are pleased with the zeal federal agencies have shown for Mr. Biden’s antitrust efforts. Administration officials say the biggest successes so far include blocking the merger of a large American railroad, Kansas City Southern, with a Canadian counterpart and the merger of two large insurance companies.”
As we’ve noted on these pages, progressive antitrust laws tend to reduce innovation and raise prices rather than bring them down. Larry Summers had a stinging rebuke to the Biden strategy: