Fmr. Obama Adviser Larry Summers Rebukes Biden’s NEC Director Deese: ‘No, He’s Wrong’

‘We have a massive, overheated labor market’


SUMMERS: "No, he's wrong. We have a massive overheated labor market. We have the highest ratio of vacancies to unemployment in the country's history by a large margin. We have shortages of labor in everything from psychotherapy to McDonald's, in everything from investment analysts to guarders. That suggests a surfeit of purchasing power and demand relative to the capacity of the economy to produce. And unless we bring those things into balance, we're going to have not just higher inflation, but possibly even accelerating inflation."

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