New York CNN — When many were celebrating the remarkable economic recovery from the pandemic in the spring of 2021, Larry Summers warned the White House and the rest of Washington that inflation was a real danger.
That warning proved to be prescient. Price spikes engulfed the US economy, crushed consumers and forced the Federal Reserve to spike interest rates to multi-decade highs. Inflation became issue No. 1 for voters and helped send Donald Trump back to the White House.
Now, with many celebrating the apparent defeat of inflation, Summers is delivering another warning to Washington. READ MORE