Ryan caught up with the former treasury secretary — and thorn in the side of Biden White House economists — Larry Summers on the sidelines of the Aspen Security Forum for a wide-ranging interview about last 18 months of economic debates, why so many policymakers got the inflation debate wrong, what Summers thinks about Joe Manchin blowing up Build Back Better over inflation concerns, what Biden — and Pelosi — are getting wrong in their approach to China, and why we are almost certainly headed into a painful recession.
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Larry on Fareed Zakaria
July 25th, 2022
My interview on Fareed Zakaria GPS on Sunday July 24, 2022 where I told Fareed there is a very high likelihood of a recession and “soft landings represent a kind of triumph of hope over experience.”
Is America in a recession?
As we wait for new data, I spoke with @LHSummers about the state of the US economy and what to do about it: pic.twitter.com/4g2zcelIlM
— Fareed Zakaria (@FareedZakaria) July 24, 2022
My inflation warnings have spurred questions. Here are my answers.
I have argued repeatedly that Federal Reserve policy remains dangerously behind the curve in ways that will lead to poor economic performance in the years ahead, and that a rapid change in direction is needed. This view has been challenged from both outside the Fed and within it, including in Fed Chair Jerome H. Powell’s most recent speech. Here, let me respond to the main challenges to my analysis.
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