Former Treasury Secretary Lawrence Summers said the US jobless rate would need to rise above 5% for a sustained period in order to curb inflation that’s running at the hottest pace in four decades.
He doesn’t explain anything. It’s just assertions.
You can imagine why people might link unemployment to deflation, or for that matter a dozen other things. From what he says, it doesn’t sound like he has a deeper understanding than your average armchair economist.
He doesn’t explain anything. It’s just assertions.
You can imagine why people might link unemployment to deflation, or for that matter a dozen other things. From what he says, it doesn’t sound like he has a deeper understanding than your average armchair economist.