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

彭博电视节目主持人大卫威斯汀向萨默斯询问了未来经济面临的最大风险.

“我认为衰退几乎是不可避免的, 可能是 75%, 80% 未来两年内的机会, 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, 我是在开玩笑, that was a joke, that was a joke,” 拜登说. “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, 加利福尼亚州, 六月 13, 2022.

People shop in a supermarket in Los Angeles, 加利福尼亚州, 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, 加利福尼亚州, 在六月 22, 2022.

Gas prices at a Shell station in Hercules, 加利福尼亚州, 在六月 22, 2022. (David Paul Morris/Bloomberg)

Summers also commented on the Supreme Court’s decision to overturn Roe v. 韦德 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,” 他说, calling both decisionsappalling.

价格上涨 价格上涨 8.6% 在五月 from a year ago, hitting a new 40-year-high.

Gas, 拜登和美国的犯罪率飙升——不要被总统的修正主义历史所迷惑, 费用 48.7% more than it did a year ago but jumped 16.9% 在五月. Gas has increased 106.7% over the past year.

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