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

‘We have a massive, overheated labor market’

EXCERPT:

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."

Video files
Full
Compact
Audio files
Full
Compact
Similar stories
CBS: Obama Adviser Warned of ObamaCare Problems Back in 2010
Economist Larry Summers Predicts 10,000 Will Die Per Year Due to Tax Reform
Larry Summers: Quantitative Easing on its Own Won’t Save Europe’s Economy
Obama Adviser: We Agree with Bush Belief of Getting Terrorists Before They Get Us
Top Obama Adviser on Economy: ‘People Don’t Feel as Good About it as They Should’