Barron’s: ‘We Are Still Headed for a Pretty Hard Landing,’
Economist Lawrence H. Summers never joined Team Transitory, or the economists, investment strategists, and members of the Federal Reserve who thought inflation would be a temporary phenomenon. Instead, he warned early and often that massive fiscal and monetary stimulus unleashed in response to the impact of the Covid pandemic would result in the economy overheating. He was right: Consumer prices rose 8.6% year over year in May, the fastest pace in 40 years.
Summers is the Charles W. Eliot University Professor at Harvard University, president emeritus of the university, and former secretary of the Treasury under President Bill Clinton and director of the National Economic Council under President Barack Obama. Long worried about secular stagnation, marked by sluggish growth and weak inflation, Summers is now concerned that the U.S. economy is headed for a hard landing as the Fed fights inflation. READ MORE
POLITICO: Larry Summers emerges as the unlikeliest Democratic hero
When the White House sought help crafting crucial tax-raising portions of the health care, climate and tax bill, one man was often on the other end of the phone line and email chains: Larry Summers.
When Democratic lawmakers needed a final push to convince Sen. Joe Manchin that the Inflation Reduction Act would in fact reduce inflation, they also turned to Summers. And when administration aides worry about how TV pundits will view their economic plans, the first person they think of is usually the former Treasury secretary. READ MORE
