Larry Summers Doubles Down, Says Steep Joblessness Needed to Beat Inflation
Share
Former U.S. Treasury Secretary Larry Summers is defending his comments from last month in which he claimed that millions of Americans may need to lose their jobs in order for inflation to come under control.
Summers, who has emerged as a chief critic of the Biden administration’s economic policies, told the London School of Economics recently: “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.”
Read more from Market Watch
RELATED TOPICS:
Former Bulldog QB Jake Haener: I Have a ‘Rare Form of Skin Cancer’
Sports /
4 hours ago
The Many Names of GOP Vice Presidential Nominee JD Vance
Latest /
5 hours ago
Companies Cut Prices to Boost Sales, Consumers Respond
Business /
5 hours ago
Warner Bros. Discovery Sues NBA for Not Accepting Its Matching Offer
Sports /
6 hours ago
Will Bonta Election Lawsuit Reverse the Will of Fresno County Voters?
Politics /
6 hours ago
Latest
Videos
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/07/26170645/Gage-Mason-20-was-sentenced-to-29-years-in-state-prison-for-sexually-assaulting-multiple-children-and-a-dog-and-will-also-be-required-to-register-as-a-sex-offender-1024x538.jpg)
Crime /
3 hours ago
Fresno Man Sentenced to 29 Years for Sexually Assaulting Children and Dog
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/07/26161707/Tommy-Hopfe-with-the-Colorado-Rockies_1280X720-1024x576.jpg)
Sports /
3 hours ago
Bulldogs’ Two-Position Standout Tommy Hopfe Signs With Rockies
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/07/26145457/image-2024-07-26T145350.189-1024x576.jpeg)
Sports /
4 hours ago
Former Bulldog QB Jake Haener: I Have a ‘Rare Form of Skin Cancer’
![](https://gvwire.s3.us-west-1.amazonaws.com/wp-content/uploads/2024/07/26154603/Republican-vice-presidential-candidate-Sen.-JD-Vance-R-Ohio-speaks-at-a-campaign-rally-July-22-2024-in-Radford-Va.-Vance-introduced-himself-to-the-world-in-2016-when-he-published-his-bestse-1024x538.jpg)
Latest /
5 hours ago