Summers: Underlying Inflation Is Worse than What Spurred Price Controls in the '70s

On Friday's broadcast of CNN's "New Day," Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers argued that when you remove the volatile parts of inflation numbers to look at the more stable underlying inflation rate, the numbers point to the U.S. "having inflation in the 5% range, which is well above what is acceptable." And is worse than the inflation that existed when President Richard Nixon implemented price controls in the '70s.