Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September. But this recession will likely be relatively short and mild. he added.
1% chance of a global recession next year, according to a probability model run by Ned Davis Research. Major US stock markets, meanwhile, have plummeted. Just last month, Federal Reserve Chairman Jerome Powell said during a news conference that there is still a path to getting inflation under control without sparking a downturn.
Larry is smarter than anyone in the Biden administration
Meanwhile in reality: we are already in a recession
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Video: Hear when Larry Summers thinks the US will enter a recession | CNN BusinessFormer Treasury Secretary LHSummers tells CNN’s wolfblitzer why he believes it’s “more likely than not” the US will face a recession and shares his prediction of when it will happen. LHSummers wolfblitzer Bne honest, just say it, we’re in a recession now. LHSummers wolfblitzer CNN is trash! LHSummers wolfblitzer We're already in a recession and have been for the past 6 months
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