Always good news when even former President Barack Obama’s advisers tell you the economy is screwed under President Joe Biden’s leadership.
Now he didn’t use the exact words as our headline, but now that we’ve got your attention, here’s what he did say. We just put it in simple terms that made this a lot easier to understand.
Economist Larry Summers was on CNN’s “Don Lemon Tonight,” on Tuesday. He is the economist whose titles include Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton.
Summers, announcing during his CNN appearance said, “Inflation will not get that close to the 2% that is the Fed’s central objective.” And while it’s not for sure, a recession is looming.
Continuing, Summers said, “I think what you’re most likely to see is interest rates rise to some point above three percent. I certainly think you’ll see inflation come down from eight percent, but I don’t think it’s going to get that close to the two percent that is the Fed’s central objective.”
“And I think some time, probably early next year, the most likely thing is that you’ll see the economy will be very substantially slow, and perhaps you’ll see a period of negative growth. Which is, of course, the definition of a recession. I think that’s the most likely thing from here, but it’s certainly not something that is a certainty. And so, I think we need to do everything we can to take cost out of the economy,” Summers concluded.