From DailyWire.com…
A top Democratic economist fears that the United States has produced an inflationary environment that will require a recession to escape.
Larry Summers — who worked as Treasury Secretary under the Clinton administration and National Economic Council director under the Obama administration — said during an interview with Bloomberg that the Federal Reserve’s recent monetary policy taper came far too late.
“If I thought we could sustainably run the economy in a red-hot way, that would be a wonderful thing, but the consequence — and this is the excruciating lesson we learned in the 1970s — of an overheating economy is not merely elevated inflation, but constantly rising inflation,” Summers said. “That’s why my fear is that we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.”
