Former Treasury Secretary Larry Summers called out President Trump over the economy, calling his first 100 days back in office “disastrous.”
“This has probably been the least successful first hundred days of a presidency @realDonaldTrump on the economy in the last century. We have seen the stock market go down, the dollar go down, forecasts of unemployment go up, forecasts of inflation go up, forecasts on the odds of a recession go up. We’ve seen consumer confidence collapse. We’ve seen businesses take back all their previous earnings projections,” Summers said Wednesday in a post on X.
“So, this has been a disastrous hundred days for the US economy.”
Summers, who served under the Clinton and Obama administrations in various economic roles, was sharing his view of Trump’s economic agenda as the president celebrates his first 100 days back in office.
On the campaign trail, Trump promised to lower prices of everyday goods and curb inflation. With the implementation of his tariff plan, global markets have fluctuated, and businesses and individuals are concerned about price hikes to come as a result of the tariffs.
Trump’s economic moves have proved to be unpopular with the American people. His approval rating on the economy is coming in at the lowest point in either of his two White House terms so far, with just 36 percent approving of how he is handling the economy.
Summers previously warned that there’s a growing and 50/50 chance that the U.S. will slide into a recession due to Trump’s economic agenda. He said there was one reason the country would see a recession and it’s because of economic policies that are “completely counterproductive.”
The ex-Treasury secretary was also critical of some of President Biden’s moves on the economy, criticizing them as potentially leading to inflation.
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