Summers: Can’t Blame Inflation on Pandemic, War, or Gouging, It’s about ‘Managing the Level of Deman

[mystery-ak]

Summers: Can’t Blame Inflation on Pandemic, War, or Gouging, It’s about ‘Managing the Level of Demand’

Ian Hanchett 11 Mar 2022

On Friday’s broadcast of ABC’s “GMA3,” economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers called on the Federal Reserve to raise interest rates and signal that further interest rate increases are coming and argued that the Federal Reserve can’t blame inflation on the coronavirus pandemic or the war in Ukraine, and the Biden administration can’t blame corporate greed for inflation because, at its core, the issue is about “managing the level of demand in the economy.”

Summers stated, “I think they need to raise interest rates. I think they need to signal that they’re going to do more raising of interest rates. They need to signal that inflation is their top priority. And they need to recognize that they should have been moving to tighten policy much sooner than they have. The Fed can’t blame this on the pandemic or the war, and the administration can’t blame this on corporate greed. This is, fundamentally, about the very delicate task of managing the level of demand in the economy.”

Summers also said that while he believes ending the war in Ukraine will be helpful for the economy, there will be higher levels of inflation over the next year or two.

more
https://www.breitbart.com/clips/2022/03/11/summers-cant-blame-inflation-on-pandemic-war-or-gouging-its-about-managing-the-level-of-demand/

[mystery-ak]

Summers: We’ll Have ‘Higher Inflation for the Next Year or Two,’ Economic Growth Will Slow Down

Ian Hanchett 11 Mar 2022

On Friday’s broadcast of ABC’s “GMA3,” economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers predicted that while ending the war in Ukraine will help the economy, we will have “higher inflation for the next year or two,” and the pace of economic growth will slow from its current level.

Co-host T.J. Holmes asked, “Help Americans understand here how much worse should we be prepared for things to get, and is relief only going to come when this war in Ukraine is over?”

Summers responded, “I think it’s probably going to get worse for the next couple of months. I think when the war in Ukraine ends, that will be helpful. My guess is that people are going to be living with higher inflation for the next year or two, and we’re going to see some slowdown in the economy from the pace of growth that we’ve seen.”

https://www.breitbart.com/clips/2022/03/11/summers-well-have-higher-inflation-for-the-next-year-or-two-economic-growth-will-slow-down/

[Hoodat]

Summers: We’ll Have ‘Higher Inflation for the Next Year or Two,’ Economic Growth Will Slow Down

Growth is already slowing down.  Layoffs have begun.

[LMAO]

Growth is already slowing down.  Layoffs have begun.

And inflation is growing. The WH tried blaming Putin for the latest inflation report but that was pre  Ukraine

[Wingnut]

These Harvard and Ivy league educated idiots haven't a clue how things work in the real world.  And the Whitehouse is lousy with these idiots.

[catfish1957]

Hate to sound like a broken record, but the first domino fell when XL pipeline was killed, and drilling permits basically revoked. 

That triggered a trickle up domino that impacts every aspect of our life.  This Biden shell game of shifting blame for what supposedly is causing this, is not fooling anyone, but the most obtuse.

No doubt that this is/was  a very carefully crafted strategy to hawk the need for EV's, but at least at this juncture, that ruse is backfiring.
Climate Change is the biggest scam every to grace our shores.  Like wokeness, I see the tide gradually turning toward what it's true intent is.

[DB]

Hate to sound like a broken record, but the first domino fell when XL pipeline was killed, and drilling permits basically revoked. 

That triggered a trickle up domino that impacts every aspect of our life.  This Biden shell game of shifting blame for what supposedly is causing this, is not fooling anyone, but the most obtuse.

No doubt that this is/was  a very carefully crafted strategy to hawk the need for EV's, but at least at this juncture, that ruse is backfiring.
Climate Change is the biggest scam every to grace our shores.  Like wokeness, I see the tide gradually turning toward what it's true intent is.

I can only guess they expected gas prices to rise slowly due to their actions - but they badly miscalculated. Add the "transitory" inflation to the mix and it turned into a tidal wave of economic destruction. And they are so invested in their plan that they can't reverse course no matter the consequences. A bit like Putin and his plans...

[catfish1957]

I can only guess they expected gas prices to rise slowly due to their actions - but they badly miscalculated. Add the "transitory" inflation to the mix and it turned into a tidal wave of economic destruction. And they are so invested in their plan that they can't reverse course no matter the consequences. A bit like Putin and his plans...

That's right.  They are so invested on this scam, that any reversal will make them look more weak and feckless than they are aleady viewed as.

When Average Citizen looks up later in the year, and has to pick between the envriowhacko scam and whether his family will have enough to eat, or even able to find food?  It won't be a hard decison.

This fall is going to be ugly. 

[roamer_1]

This fall is going to be ugly.

Yes it is. And the Republicans will no doubt ascend... To do nothing... Again.

[DB]

Yes it is. And the Republicans will no doubt ascend... To do nothing... Again.

The last time I can remember Republicans doing anything useful was Gingrich's contract with America. What was that, 1994...

[catfish1957]

Yes it is. And the Republicans will no doubt ascend... To do nothing... Again.

Yep...  I think a couple of dozen in the House GOP voted for Biden's $1.7T Fedzilla extension. There is zero reason why the GOP has any interest in any form or fashion of fiscal restraint.

And I hate to say it, but   I don't think we can recover.  All we can do now is strap in an mitigage the damage.

[catfish1957]

The last time I can remember Republicans doing anything useful was Gingrich's contract with America. What was that, 1994...

Yes it was.  And the one biggest killer of that short phase of fiscal restraint was the WOT.

[libertybele]

Yep...  I think a couple of dozen in the House GOP voted for Biden's $1.7T Fedzilla extension. There is zero reason why the GOP has any interest in any form or fashion of fiscal restraint.

And I hate to say it, but   I don't think we can recover.  All we can do now is strap in an mitigage the damage.

I believe you are right; that shipped sailed awhile ago. 

Perhaps inserting a whole new party (i.e, the Constitution Party) and putting large restraints on spending, but even at that, I'm not hopeful. 

[roamer_1]

The last time I can remember Republicans doing anything useful was Gingrich's contract with America. What was that, 1994...

Oh what a time! I would love nothing more than to see Tom 'the Hammer' Delay back in charge of the House.

Gingrich was pretty good at the time, though he sure went wobbly after.