On Tuesday’s broadcast of CNN’s “Don Lemon Tonight,” Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers said he’d be shocked if we still didn’t have meaningful inflation in a year and predicted that “we’re still going to have inflation for quite some time to come. And we’re probably going to have a slowing economy as well, so there’s going to be an element of what people call stagflation in our situation.”
Summers stated, “I’d be very surprised if we didn’t still have inflation at a meaningful rate a year from now. It may well come down. I think it’s probably likely to come down from the 8%-plus range that it’s been at, but we’re still going to have inflation for quite some time to come. And we’re probably going to have a slowing economy as well, so there’s going to be an element of what people call stagflation in our situation.”
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