Tuesday, July 5, 2022

Prominent Democratic economist sees significant danger for the economy ahead - Jeffry Bartash, Market Watch

Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry Summers is the chief reason. Summers on Monday said the U.S. needs several years of high unemployment to get the worst inflation in 40 years back under control. Put in starker terms, the U.S. would have to endure a second recession in three years and as many as 10 million people would have to lose their jobs. The views of Summers — one of the most famous economists of his generation, serving in multiple Democratic administrations as well as in the presidency of Harvard University — are being taken very seriously these days. That wasn’t the case last year when he warned the Biden administration that its $1.9 trillion stimulus plan could worsen inflation.

https://www.marketwatch.com/story/recession-millions-of-layoffs-mass-unemployment-larry-summers-forecast-stirs-up-hornets-nest-11655826309