Summers: Jobs Numbers Show ‘We’re Not in a Controlled Place’ on Inflation and We Must Start ‘Managin

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Summers: Jobs Numbers Show ‘We’re Not in a Controlled Place’ on Inflation and We Must Start ‘Managing for Some Slowdown’

Ian Hanchett 8 Oct 2022

During an interview aired on Friday’s broadcast of Bloomberg’s “Wall Street Week,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers said that “we’re not in a controlled place with respect to inflation” and there wasn’t anything in the September jobs reports that suggests we are getting to a controlled place. Summers also stated that we need to start “managing for some slowdown,” as soon as we can.

Summers stated, “I think these numbers were about what we expected, and the sensible judgment was that we’ve got an inflation problem. Core inflation figures look artificially good. They’re better than median inflation. And yet, core inflation ran at a 7% rate last month, and that was more than for the quarter and the quarter was more than for the half-year and the half-year was more than for the whole year. So, we’re not in a controlled place with respect to inflation. And there wasn’t really anything in this report to suggest that we were coming into a controlled place. … I think we are headed for a collision of some kind or other, and we’ve just got to manage that collision carefully, and I think the sooner we start managing for some slowdown, the better we’re going to do.”

https://www.breitbart.com/clips/2022/10/08/summers-jobs-numbers-show-were-not-in-a-controlled-place-on-inflation-and-we-must-start-managing-for-some-slowdown/

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Summers: We Can’t Have ‘Strategy of Total Hostility to Fossil Fuels’ That We’ve Had, Canceling Keystone, Slowing Permits Were Mistakes

During an interview aired on Friday’s broadcast of Bloomberg’s “Wall Street Week,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers reacted to OPEC+’s production cut by stating that “we made a mistake by canceling the Keystone pipeline. We made a mistake by slowing down all kinds of permitting activity. We made a mistake by being hostile as a country to natural gas.” And arguing that “we need a different kind of energy strategy than the one that we’ve had. We need a strategy that is balanced, rather than an unbalanced strategy of total hostility to fossil fuels” but we’re moving in that direction.

Summers said, “Look, we made a mistake by canceling the Keystone pipeline. We made a mistake by slowing down all kinds of permitting activity. We made a mistake by being hostile as a country to natural gas. We made a mistake in the Congress a few weeks ago when we didn’t pass the Manchin program of expanding permitting. We crucially need regulatory relief or we’re not going to get renewables online fast, and we’re not going to get the transmission lines that are necessary for renewables to become a large part of our energy fast. So, the real lesson [of] this is we need a different kind of energy strategy than the one that we’ve had. We need a strategy that is balanced, rather than an unbalanced strategy of total hostility to fossil fuels or God knows the kind of total strategy of favoring fossil fuels that we had, of even egregious favoritism towards Saudi Arabia that we saw during the Trump administration. We need to find a balance. And I think we’re making our way in that direction.”

https://www.breitbart.com/clips/2022/10/08/summers-we-cant-have-strategy-of-total-hostility-to-fossil-fuels-that-weve-had-canceling-keystone-slowing-permits-were-mistakes/