« previous next »
Pages: [1]   Go Down

Author Topic: Larry Summers says Americans will have to lose jobs to ease inflation  (Read 609 times)

0 Members and 1 Guest are viewing this topic.

Offline mystery-ak

  • Owner
  • Administrator
  • ******
  • Posts: 383,149
  • Gender: Female
  • Let's Go Brandon!
Larry Summers says Americans will have to lose jobs to ease inflation
« on: June 21, 2022, 01:26:03 pm »
1 hour ago
Larry Summers says Americans will have to lose jobs to ease inflation
The jobless rate must rise to 5% over five years, former Treasury Secretary Larry Summers says

By Anders Hagstrom FOXBusiness

The U.S. unemployment rate must rise before Americans see any relief from inflation, economist and former Treasury Secretary Larry Summers said Monday.

U.S. inflation is sitting at roughly 8.6% year-over-year, the highest point in 40 years, and shows no signs of slowing down. Summers argues the U.S. must sustain a jobless rate of more than 5% for five years if inflation is to drop.

"We need five years of unemployment above 5% to contain inflation – in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment," Summers said in a London speech, according to Bloomberg.

"There are numbers that are remarkably discouraging relative to the Fed Reserve view," he added.

The U.S. unemployment rate currently sits at 3.6%.

more
https://www.foxbusiness.com/politics/larry-summers-americans-lose-jobs-ease-inflation
Logged
Proud Supporter of Tunnel to Towers
Support the USO
Democrat Party...the Party of Infanticide

“Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”
-Matthew 6:34

Offline Kamaji

  • Hero Member
  • *****
  • Posts: 57,904
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #1 on: June 21, 2022, 01:31:38 pm »
Why?
Logged

Offline cato potatoe

  • Hero Member
  • *****
  • Posts: 3,912
  • Gender: Male
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #2 on: June 21, 2022, 01:35:23 pm »
While I realize he is talking about secondary effects of a responsible fiscal/monetary policy, it doesn't come across that way.  Is he going to promote a freeze on immigration, or does bubba get the pink slip so men in suits can feel better about themselves?
Logged

Offline Kamaji

  • Hero Member
  • *****
  • Posts: 57,904
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #3 on: June 21, 2022, 01:55:10 pm »
Quote from: cato potatoe on June 21, 2022, 01:35:23 pm
While I realize he is talking about secondary effects of a responsible fiscal/monetary policy, it doesn't come across that way.  Is he going to promote a freeze on immigration, or does bubba get the pink slip so men in suits can feel better about themselves?

Exactly.
Logged

Offline IsailedawayfromFR

  • Hero Member
  • *****
  • Posts: 18,746
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #4 on: June 22, 2022, 01:36:12 am »
Really?  Then why is Biden bringing in more foreign workers to fill jobs?
Logged
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline Smokin Joe

  • Hero Member
  • *****
  • Posts: 56,695
  • I was a "conspiracy theorist". Now I'm just right.
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #5 on: June 22, 2022, 01:38:11 am »
I know people working two jobs just to make ends meet.

Yeah, go tell them they need to be unemployed, especially after all the fun of COVID.

I think this is just looking for a way to squeak in the universal income thingy.
Logged
How God must weep at humans' folly! Stand fast! God knows what he is doing!
Seventeen Techniques for Truth Suppression

Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.

C S Lewis

Offline catfish1957

  • Laken Riley.... Say her Name. And to every past and future democrat voter- Her blood is on your hands too!!!
  • Moderator
  • *****
  • Posts: 31,463
  • Gender: Male
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #6 on: June 22, 2022, 03:12:08 pm »
More like...  we got to cut off that toe to heal that ingrown toe nail. 

Pedo Joe's economc team is working hard on it.


Logged
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline mountaineer

  • Hero Member
  • *****
  • Posts: 78,769
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #7 on: June 22, 2022, 03:59:28 pm »
This is the same clown who keeps saying don't worry, no recession's a-comin'.  *****rollingeyes*****
Logged
Support Israel's emergency medical service. afmda.org

Offline Hoodat

  • Hero Member
  • *****
  • Posts: 36,438
Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #8 on: June 22, 2022, 05:58:48 pm »
Quote from: Kamaji on June 21, 2022, 01:31:38 pm
Why?

Summers is correct.  To ease inflation, Americans will have to lose jobs so that government workers can keep theirs.

The 100% guaranteed fix for inflation is for government to stop spending money it doesn't have.  But that's not going to happen.
Logged
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-
Pages: [1]   Go Up
« previous next »