Commentary As we commemorate the founding of the United States of America on this Fourth of July, 2022, it’s important to remember that after the founders affixed their names to the Declaration of Independence in 1776, they would face war against King George until the surrender at Yorktown in the fall of 1781. Even then,…
A Republic—and an Economy—If You Can Keep It
July 1, 2022
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Business & MarketsBusiness Columnistseconomic policieseconomyinflationinstitutionsInvestmentLarry SummersMarketsrecessionstocksU.S. politics
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Larry Summers as Biden’s Caulaincourt
Commentary When we hear President Joe Biden name-dropping that “I was talking to Larry Summers this morning and there’s nothing inevitable about a recession,” it might as well be Napoleon announcing to the assembled La Grande Armée that he was talking this morning to Armand de Caulaincourt, the famously close adviser who warned of the…
Ex-Treasury Secretary: Millions of Americans Need to Lose Their Jobs to Contain Inflation
Former Treasury Secretary Larry Summers said that millions of Americans would have to lose their jobs in order to contain decades-high inflation. “We need five years of unemployment above 5 percent to contain inflation—in other words, we need two years of 7.5 percent unemployment or five years of 6 percent unemployment or one year of…
Obama Treasury Secretary: US at ‘Risk of Recession’ in the Next Year
June 12, 2022
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Business & MarketsDemocratseconomyExecutive BranchinflationJanet YellenLarry SummersPoliticsUSUS News
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Former Obama administration Treasury Secretary Larry Summers predicted the United States will enter an economic recession and suggested the possibility of yet higher gas prices than the country is currently seeing. “I think the optimists were wrong a year ago in saying we have no inflation and I think they are wrong now if anyone…
Capitol Report (May 19): Manchin Pushes Back on Biden Energy Policy; Dr. Carol Swain on Buffalo Shooting
May 19, 2022
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baby formulaBuffalo shootingCapitol ReportChinese Communist Partydomestic terrorEpochTVFDAFirst Amendmentgas pricesGun ControlLarry SummersNATOscammersUkraineUSUS News
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Under mounting pressure over soaring gas prices, House Democrats passed a bill to punish oil and gas producers for alleged price gouging. But Larry Summers, a top Democratic economic adviser, says this move will have no impact on lowering prices, and could even make the situation worse. The unprecedented baby formula crisis is still ongoing….
Larry Summers Slams Student Loan Debt Relief, Warns of Recession
Student loan debt relief is a regressive policy that mostly benefits high-income households, says former U.S. Treasury Secretary Larry Summers. In a series of tweets, the former director of the National Economic Council (NEC) in the Obama administration stated that “all serious economists” agree that debt reduction is “regressive.” “Key point. You need to look…
Federal Reserve: Use Care to Rein In Inflation
December 7, 2021
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AnalysisBusiness & EconomyBusiness Columnistseconomic policieseconomyFederal ReserveinflationLarry SummersOpinionUSUS News
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Commentary Rate hikes tend to shock the financial markets, both faster and more decisively, than they affect the wider economy. That effect on markets, in turn, can slow the consumer economy—usually the biggest part of GDP—because it negatively affects the wealth effect, the propensity of people to spend more because their assets are worth more….
Paul Krugman Admits He ‘Got Inflation Wrong’ But Stands by ‘Transitory’ Narrative
Paul Krugman, Nobel-prize winning economist and New York Times columnist, has conceded that his prediction that the inflationary wave now battering American households would be benign was wrong and he “didn’t see the current surge coming,” though he continues to see the upward price pressures as “transitory.” Krugman made the admission in a series of…
No End In Sight to Inflation Unless Fed Makes ‘Significant’ Course Correction: Larry Summers
Former Treasury Secretary Larry Summers, a critic of loose central bank policies who was early to sound the alarm on the current bout of surging prices, warned in a CNN interview last week that, unless the Fed makes a significant change to policy or an “accident” delivers a major disruptive blow to the economy, it’s “quite…
Larry Summers Blasts ‘Woke Central Banking,’ Warns of Economic Stagnation and ‘Japanization’
November 11, 2021
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Business & Economyeconomic policiesEconomieseconomyinflationjapanizationLarry SummersstagnationUSUS News
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Former Treasury Secretary Larry Summers, who has repeatedly criticized loose central bank policies and has forcefully sounded the alarm on the upside risks of the current bout of inflation, has warned that global financial markets seem to be pricing in slow growth and low real interest rates for the next several years. “The stimulus that…
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