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Hey, good morning, playbookers. I'm Ragumonavalin. It's Thursday, and today's show the fallout

around inflation. This is your Politico Playbook Daily Briefing.

Earlier this year, the Biden administration forecast that the annual rate of inflation would

be 2%.

On Wednesday, the Labor Department reported that inflation hit 6.2%.

It's the largest spike in prices since 1990.

Larry Summers, the OG inflation Cassandra, sees the White House that still doesn't get it.

This is what he had to say on CNN last night with Chris Cuomo.

I think that the policymakers in Washington, unfortunately, have almost every month been behind

the curve.

They said it was transitory.

It doesn't look so transitory.

They said it was due to a few specific factors.

It doesn't look to be a few specific factors.

They said when September came and people went back to school that the labor force would grow and it didn't happen.

So I hope they're right.

My experience is that you should hope for the best and plan for something much less than the best.

But for what it's worth, summer supports the BIF and the BBB.

I think it's fine. If you look at it, the 10 years of the two spending bills together,

A, are less than the one year of what they did last spring.

And B, unlike what they did last spring,

...