Former Barack Obama economic adviser Larry Summers warned that there’s a higher likelihood of recession following high inflation rates while appearing on CNN.
"I think there is pain coming. That’s what happens when you borrow too much in order to overspend, but I think the important thing to remember is we’ve had a ton of pain because of inflation. We’ve had prices go up 3% or 4% a year faster than wages over the last 12 months. That kind of thing will continue unless we do what is necessary to bring inflation down," Summers said.
He also posed some solutions such as removing tariffs and bringing down the budget deficit, criticizing claims that the"Printing money and distributing it well ahead of the supply of goods is a prescription for inflation and that is what we did. We injected enough money into the economy to make total spending grow at an 11.6% rate last year. When you have 11.
Lindsay Kornick is an associate editor for Fox News Digital. Story tips can be sent to [email protected] and on Twitter: @lmkornick. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox
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