Laffer slams Biden admin over inflation: This is a ‘catastrophic economy’
Inflation reached a new 40-year high with consumer prices rising 8.6% in May
Inflation is 'accelerating': Art Laffer
Former Reagan Economic Adviser Art Laffer reacts to the May CPI report on ‘Mornings with Maria.’
During an interview on "Mornings with Maria" economist Art Laffer said the May CPI report is the "worst news of all" that the Biden administration could receive with inflation reaching a new record of 8.6% year-over-year.
ART LAFFER: Inflation is not only not peaking and not coming down, it is accelerating. And this is the worst news of all the Biden administration could have. And when you combine that with the GDP decline in the first quarter by 1.5%, and now the forecast for the second quarter out of Atlanta is only 9/10 of 1% growth. That's atrocious. Total employment today is 800,000 people lower than it was in February 2020.
Art Laffer reacted to May CPI arguing that "this is not a recovery" on "Mornings with Maria." (Photo by JIM WATSON/AFP via Getty Image / Getty Images)
This is not a recovery. This is not even a catch-up back to where we were before. If you take the trend line from February 2020, now we're about 5 million jobs below where we should be, and we've just been on that trend line. This is a catastrophic economy.
INFLATION HITS FRESH 40-YEAR HIGH IN MAY WITH CONSUMER PRICES SURGING 8.6%
WATCH THE MAY CPI REPORT HERE:
Inflation hotter than expected in May
FOX Business’ Cheryl Casone breaks down the consumer price index for May.