Former Minister of Finance Lawrence H Sommer said this former president donald trumpin many ways set the stage for the Inflation experienced by the US and criticized Republicans for their “irresponsible” stance on the debt ceiling.

“Returning to the politics of populist talk while practicing the art of dealing for what America is close to the oligarchs would be steps in the wrong direction,” he said in an interaction with CNN.

Summers said President Joe Biden should use the purchasing power of the state to make things cheaper, as is the case with medicines, according to to the interaction.

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midterm elections: Speaking about the midterm elections, Summer said some Republican leaders who threatened to default the nation by not exceeding the debt limit were worrying.

“What I’ve heard from a number of Republicans, including Republican House Speaker McCarthy, about threatening not to breach the debt limit and default the country is chilling. Doing so with the aim of cutting welfare increases the pain. That is [an] irresponsible and unpatriotic policies that threaten both the strength of Americans and the people, many of whom receive more than $40,000 from Social Security,” Summers told CNN.

market movements: Major Wall Street indices closed higher on Tuesday ahead of midterm election results as investors and traders anticipate Republicans will gain control of the House and possibly the Senate. That SPDR S&P 500 ETF Trust SPY ended Tuesday’s session up 0.54%, while the Vanguard Total Bond Market Index Fund ETF BND gained 0.45%.

Fed Independence: The former finance minister also vouched for central bank independence and deficit reduction.

“We must do more to support Federal Reserve independence. Over time, we need to reduce the budget deficit…