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Author Topic: Larry Summers says Americans will have to lose jobs to ease inflation  (Read 1023 times)

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Offline mystery-ak

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Larry Summers says Americans will have to lose jobs to ease inflation
« on: Tuesday, Jun 21, 2022 05:26 am »
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%.

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https://www.foxbusiness.com/politics/larry-summers-americans-lose-jobs-ease-inflation
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Offline Kamaji

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #1 on: Tuesday, Jun 21, 2022 05:31 am »
Why?
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Online cato potatoe

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #2 on: Tuesday, Jun 21, 2022 05:35 am »
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?
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Offline Kamaji

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #3 on: Tuesday, Jun 21, 2022 05:55 am »
Quote from: cato potatoe on Tuesday, Jun 21, 2022 05:35 am
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.
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Nie mój cyrk, nie moje małpy

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Offline IsailedawayfromFR

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #4 on: Tuesday, Jun 21, 2022 05:36 pm »
Really?  Then why is Biden bringing in more foreign workers to fill jobs?
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Offline Smokin Joe

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #5 on: Tuesday, Jun 21, 2022 05:38 pm »
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.
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Offline catfish1957

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #6 on: Wednesday, Jun 22, 2022 07:12 am »
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.


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Online mountaineer

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #7 on: Wednesday, Jun 22, 2022 07:59 am »
This is the same clown who keeps saying don't worry, no recession's a-comin'.  *****rollingeyes*****
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Offline Hoodat

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Re: Larry Summers says Americans will have to lose jobs to ease inflation
« Reply #8 on: Wednesday, Jun 22, 2022 09:58 am »
Quote from: Kamaji on Tuesday, Jun 21, 2022 05:31 am
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.
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