Former US President Barack Obama’s adviser Larry Summers criticized Joe Biden and other democrats’ attack on energy.
“We made a mistake by canceling the Keystone pipeline. We made a mistake by slowing down all kinds of permitting activity. We made a mistake by being hostile as a country to natural gas.” Summers lamented.
Last September 30, Summers also expressed his doubts about President Biden’s comments, claiming that he’s expecting an economic “soft landing” to get inflation under control without triggering a recession.
Biden also claimed that the US will eventually get control of inflation.
Former Obama economic adviser Larry Summers: Biden “made a mistake by canceling the Keystone pipeline,” “slowing down all kinds of permitting,” and “being hostile” to “natural gas” pic.twitter.com/8ezcsEYCcj
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“I’m telling the American people that we’re gonna get control of inflation. And their prescription drug prices are gonna be a hell of a lotta lower. Their health care costs are gonna be a lot lower. Their basic costs for everybody, their energy prices are gonna be lower. They’re gonna be in a situation where they begin to gain control again. I’m– more optimistic than I’ve been in a long time.” Biden said.
According to Summers, achieving Biden’s goal is “really quite unlikely.” He then claimed that he expects unemployment to rise and a recession to occur.
“If by “a soft landing” what is meant is that there will not be a recession or that unemployment will not go up — I think that’s really quite unlikely. In American economic history, declines of inflation from the 7 [percent] range to the 2 [percent] range without meaningful downturns [are] very rare.” Summers said.
“I think we could have a quite-significant recession, and employment and GDP would [still] be considerably stronger than they were when the president was running,” he added.
This comes as Biden continues his climate war against energy industries, igniting inflation.
“We need to be less dependent on OPEC+ and foreign producers of resources like oil,” White House spokesman John Kirby said in a statement.
During Biden’s presidential campaign in 2020, he also opposed new gas and oil drilling, stating that if he were elected, there would be “no more drilling on federal lands, no more drilling including offshore, no ability for the oil industry to continue drilling. Period. Ends.”
Shortly after Biden won the presidential election, he started energy production and even cancelled the Keystone Pipeline which was half-built at that time.
