A leading Clinton official revealed this shocking truth that left Joe Biden fuming

Joe Biden has been a bigger disaster than his worst critics could have imagined.

Even the Left knows Biden has been a complete failure.

And a leading Clinton official revealed this shocking truth that left Joe Biden fuming.

The corporate-controlled media tried to tout Joe Biden’s Presidency as the second coming of FDR.

But the second term of Jimmy Carter may be the best case scenario for Biden.

At more than double the cost of Obama’s disastrous stimulus bill, Biden’s American Rescue Plan was one of the most expensive pieces of legislation in history.

Even though this $2 trillion monstrosity was pitched as COVID relief, more than 90% of the bill went to left-wing special interests.

With trillions in debt-financed money flooding the economy, inflation is soaring, with the last monthly inflation report showing a 7.9% gain over the past year.

This is the highest inflation number in 40 years.

Biden has used excuses like the Russia-Ukraine conflict and corporate “greed” to try to deflect blame from the problem he created.

Former Clinton Treasury Secretary and top Obama economic advisor, Larry Summers, weighed in on the catastrophic inflation.

Appearing on Bloomberg TV, Summers unloaded on Biden’s miserable failure.

He said, “These numbers were not a surprise. And by the way, while inflation was 7.9% over the last year, if you annualize the monthly figure it’s closer to 10%.”

“This is a grave problem. The President was wrong to blame this month’s number on Ukraine. Everybody had been expecting from the time before Putin launched the invasion that inflation was going to accelerate from January to February,” he added.

Summers then stated, “This is a consequence, fundamentally, of an overheated economy, and we are not going to have a full solution until we do something about that overheated economy.”

Summers argued that the economy became overheated due to inflation from the disastrous American Rescue Plan sending trillions in wasteful spending into the economy.

The corporate greed red herring that Biden has been blaming was torn apart by Summers.

“Blaming corporate greed will chill business confidence, will reduce investments in expanding capacity, and will likely make this worse,” he remarked.

To solve inflation, Summers recommended that the Federal Reserve tighten monetary policy.

To do this, the Fed would have to raise interest rates.

The Atlanta Federal Reserve branch said that economic growth for the 1st quarter of 2021 is projected at 0.5%.

A recession is right around the corner, with anemic economic growth and the lowest consumer sentiment in over a decade.

Raising rates in a recession could send the economy into an even deeper spin and crash the stock market.

Biden has trapped the Fed between a rock and a hard place.

When a leading official for the last two Democrat Presidents is slamming Biden, it shows how catastrophic his economic policies have been.

Biden’s economy is so bad that Democrats have to speak out.

Summers could be just the beginning of Democrats calling out Biden’s catastrophic economic performance.

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