Former Secretary of the Treasury Lawrence Summers joined CNN on State of the Union on Sunday to discuss the current economic collapse under Joe Biden.
Host Dana Bash asked the former Treasury Secretary if he agrees with current Treasury Secretary Janet Yellen that there is no chance of a recession.
Dana Bash: Someone who has the job you once had said this week that there is nothing to suggest a recession is in the works. Do you agree with that?
Lawrence Summers: No, I don’t. I think that when inflation is as high as it is right now and unemployment is as low as it is right now it’s almost always been followed within two years of by recession. I look at what’s happening in the stock and bond markets. I look at where consumer sentiment is, I think there is certainly a risk of recession in the next year.
Back in March Larry Summers blamed the Biden administration for current inflation numbers.
Former Treasury Secretary Lawrence Summers criticized the Biden administration’s emphasis on Russian President Vladimir Putin’s invasion of Ukraine and on price gouging by companies in ascribing causes for the surge in U.S. inflation.
“This is a consequence, fundamentally, of an overheated economy,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin on Friday, referring to the latest data showing the consumer-price index soared the most in four decades.
Via Midnight Rider.