Former Treasury secretary Larry Summers branded Biden’s price-gouging bill ‘dangerous’, comparing it to Trump’s claims ‘bleach injections’ could treat Covid-19

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  • Date: 14-May-2022
  • Source: Business Insider
  • Sector: Financial Markets
  • Country: Gulf
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Former Treasury secretary Larry Summers branded Biden’s price-gouging bill ‘dangerous’, comparing it to Trump’s claims ‘bleach injections’ could treat Covid-19

Former US Treasury secretary Larry Summers has branded a Democratic bill designed to stop price-gouging at gas pumps "dangerous nonsense," comparing it to that bleach injections could fight Covid-19. A veteran of the Clinton and Obama administrations, Summers made the comments on Friday, while speaking on . Democratics are set to vote on a next week, as . "The price-gouging stuff is to economic science what President Trump's remarks about disinfectant in your veins was to medical science," Summers said, referring to Trump's . "It is dangerous nonsense." He added: "There is no material prospect that in any enduring way gouging legislation can have any substantial effect on inflationary pressure." Instead, Summers said, such legislation could contrive "all kinds of shortages", and inhibit supply responses which he argued was the best way to overcome current issues, calling gouging talk a "diversionary confusion." The best response, Summers argued, would be to reduce tariffs, let more immigrants into the country, reduce regulatory burdens, and limit demand by restarting . House Speaker Nancy Pelosi previously that "price gouging needs to stop." She said: "While families are struggling to pay higher prices at the pump, oil and gas companies are recording record profits. "This

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