A former Clinton official issued a dire warning that has Joe Biden frantic

Joe Biden has been a colossal failure as President.

Democrats are terrified he’s going to sink the Party.

And a former Clinton official issued a dire warning that has Joe Biden frantic.

Joe Biden has overseen some of the swiftest, most devastating economic destruction in the country’s history.

Biden came into office and spent over $2 trillion dollars on so-called pandemic relief.

Virtually all of this debt-fueled spending spree went into the hands of left-wing special interests.

As a result, the country is suffering under the worst inflation in 40 years.

High inflation and his socialist policies have left the economy sputtering.

The economy is so bad that even former Clinton regime officials are sounding the alarm on the Biden economic disaster.

Former Clinton Treasury Secretary and Obama economic advisor, Larry Summers, offered his grim take on the economy to Bloomberg TV.

“I think we are at or over the brink of a spiral of rising inflation breaking out,” Summers said, adding that “you’re seeing that in the numbers for expected inflation over the next year or over the next couple of years.”

Even though Biden has tried to spin away inflation as only being temporary, Democrats like Summers know that it’s fake news.

Summers went on to say that the Federal Reserve needs to “mount a strong response” to the rampant inflation.

“I think that [inflation] needs to be ringing all the alarm bells at the Fed. So, I think there’s much more risk of the Fed doing too little than there is of the Fed doing too much at a moment like this,” Summers said.

“I think the difficulty of getting a soft landing, where we both brought inflation down…and we avoided recession, was always very difficult. And I think with $110 oil, it is that much more difficult. And so, I think we’re going to have to — if we want to bring down inflation and we don’t have a financial accident, we’re going to need to see interest rates higher than the Fed or markets are now pricing in,” Summers concluded.

Summers points out the problem that Biden has put the Fed in, especially the difficulty of the Fed balancing rate hikes to tap down inflation.

If the Fed raises rates too quickly, the stock market and the entire economy could go under.

With oil prices soaring, that tightrope act is even harder.

Even if the Fed is able to avoid a recession, higher interest rates and higher borrowing costs will be a strain on our already-struggling economy.

Joe Biden’s incompetence may have trapped the economy in Jimmy Carter-style stagflation.

With the economic problems piling up, there could be no happy ending for Biden on the economy.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.