OUT OF ALL THE OBAMA RETREADS HE HIRED, BIDEN COULDN’T HAVE CHOSEN LARRY SUMMERS? ‘A Serious Inflation Problem’: Top Obama Economist Sounds The Alarm Over Prices As White House Celebrates.

Core inflation — the price level increase for all items except for food and energy — rose by 0.6% in August, marking a faster rate of increase than July and producing a 6.3% year-over-year rate. Analysts were expecting the measure to rise 0.3%.

“Core inflation is higher this month than for the quarter, higher this quarter than last quarter, higher this half of the year than the previous one, and higher last year than the previous one,” Summers commented on social media.

Summers remarked that median inflation — an alternative metric of core inflation favored by those who once said inflation was “transitory” — rose to “its highest ever reading.” Indeed, median inflation rose from 6.3% in July 2022 to 6.7% in August 2022, according to data from the Federal Reserve Bank of Cleveland.

I’m old enough to remember when inflation was 2%, gas was two bucks, and tweets were mean instead of major presidential addresses.