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Tags: biden | treasury | economy | inflation | recession

Former Treasury Secretary Summers: My 'Best Guess' US Will Hit Recession Soon

Larry Summers

Former Treasury Secretary Larry Summers (Rob Kim/Getty Images)

By    |   Sunday, 19 June 2022 03:20 PM EDT

Former Treasury Secretary Larry Summers said Sunday that it's his "best guess" the United States will fall into a recession.

"Look, nothing is certain, and all economic forecasts have uncertainty. My best guess is that a recession is ahead," Summers told host Chuck Todd during an appearance on NBC's "Meet The Press."

Summers added, "I base that on the fact that we haven't had a situation like the present with inflation above 4 percent and unemployment beyond 4 percent without a recession following within a year or two."

On the NBC morning show, Summers also said it's likely "that in order to do what's necessary to stop inflation, the Fed is going to raise interest rates enough that the economy will slip into recession.

"And I think that view, which was not a common view a couple months ago, is now the view of a number of statistical models and the view of a range of forecasters and I think will increasingly become a consensus view," Summers said.

Last Thursday, President Joe Biden fought back against the notion of a recession being imminent, while addressing the news of the Federal Reserve increasing national interest rates an extra three-quarters of a point.

"First of all, it's not inevitable," Biden said in an interview with The Associated Press. "Secondly, we're in a stronger position than any nation in the world to overcome this inflation."

Also on Sunday, while serving as a guest on ABC's "This Week," current Treasury Secretary Janet Yellen said she doesn't believe a recession is "inevitable."

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Former Treasury Secretary Larry Summers said Sunday that it's his "best guess" the United States will fall into a recession.
biden, treasury, economy, inflation, recession
259
2022-20-19
Sunday, 19 June 2022 03:20 PM
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