Former Treasury Secretary Larry Summers says recession is 'almost inevitable,' contradicting Biden

ブルームバーグのテレビホストであるデビッド・ウェスティンは、サマーズに経済が楽しみにしている最大のリスクについて尋ねました.

“不況はほぼ避けられないと思います, おそらく 75%, 80% 今後2年以内のチャンス, and there’s certainly a real risk that it will come sooner,” Summers said.

Yet President Biden said last Monday that there was nothing inevitable about a recession,” and that he talked to Summers that morning.

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Larry Summers said Sunday that a recession is "almost inevitable."

Larry Summers said Sunday that a recession isalmost inevitable.(Screenshot/BloombergTV/WallStreetWeek)

A reporter started to ask the president about economists who were predicting a recession before the president responded, “don’t make things up.

Now you sound like a Republican politician, 冗談です, that was a joke, that was a joke,” バイデンは言った. “But all kidding aside, no I don’t think it is. I was talking to Larry Summers this morning, there’s nothing inevitable about a recession.

Summers told Bloomberg that it was avery difficult thingand emphasized that it was important that weslay the inflation dragonif the country is going to go through aperiod of pain.

Westin said that some were predicting ashort and shallowrecession and asked Summers if he agreed.

People shop in a supermarket in Los Angeles, カリフォルニア, 六月 13, 2022.

People shop in a supermarket in Los Angeles, カリフォルニア, 六月 13, 2022. (Reuters/Lucy Nicholson)

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I hope they’re right,” Summers responded, adding that the question goes back to how much of inflation is transitory. “If most of inflation is transitory, then we’re not going to have to live with very much pain to get the inflation out of the system. If more of it is more engrained, then we’re going to have to live with more difficulty.

He also said that he believes there is ameaningful amount of inflationthat the country needs to get out of its system and said that the potential recession doesn’t have to be likethe recessions of the last generation.

This should not be anything like what happened after COVID. This should not be anything like what happened after the great financial crisis. Just how deep, just how long it will be, difficult to know. But most people remember the last two recessions and I don’t see any reason while we’re heading for difficulties of that kind,” Summers continued.

Gas prices at a Shell station in Hercules, カリフォルニア, 6月に 22, 2022.

Gas prices at a Shell station in Hercules, カリフォルニア, 6月に 22, 2022. (David Paul Morris/Bloomberg)

Summers also commented on the Supreme Court’s decision to overturn Roe v. ウェイド and their decision on a concealed carry law in New York.

I’m worried about a Supreme Court that so radically breaks with its own precedent that is so fully in the life of the country. I wonder if that doesn’t raise questions more broadly about the predictability and continuity of policy, the extent to which, the very strong checks and balances in our democracy,” 彼は言った, calling both decisionsappalling.

The Consumer Price Index NYCの射撃は1週間で2倍になります 8.6% 5月 from a year ago, hitting a new 40-year-high.

ガス, on average, 費用 48.7% more than it did a year ago but jumped 16.9% 5月. Gas has increased 106.7% 過去1年間.

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