Former Treasury Secretary Larry Summers tells CNN’s Wolf Blitzer why he believes it’s “more likely than not” the US will face a recession and when he thinks it will happen. #CNN #News…(read more)
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Larry Summers, the former United States Treasury Secretary and renowned economist, recently made headlines when he predicted that the US will enter a recession in the near future. This prediction has caused many to speculate on the likelihood and timing of such an event and its potential consequences for the global economy.
Summers’ prediction is based on several factors. One is the ongoing trade war between the US and China, which has caused economic uncertainty and disrupted supply chains. Another is the slowing of global growth, particularly in Europe and China. Summers believes that these factors, combined with other economic indicators such as rising debt levels and a flattening yield curve, suggest a recession is inevitable.
While Summers does not predict a specific timeline for the recession, he does suggest that it could be sooner rather than later. He notes that the US economic expansion, which began in 2009, is now the longest on record and has already exceeded the average length of a post-war expansion. Additionally, Summers points out that history shows recessions often occur after a period of economic growth.
The potential consequences of a US recession are significant. It could lead to job losses, declining consumer confidence, and decreased investment. It could also have a ripple effect on the global economy, particularly in countries that rely on the US as a major trading partner. The timing and severity of the recession would dictate the extent of its impact, but many economists fear that it could be severe.
Despite these concerns, some experts disagree with Summers’ assessment. They note that while there are signs of economic weakness, the US economy remains strong overall with low unemployment and solid GDP growth. Others also point out that economic predictions are notoriously difficult to make, as unforeseen events can often disrupt even the most well-informed projections.
Regardless of the outcome, Summers’ prediction serves as a reminder that the global economy is constantly evolving and subject to change. It highlights the importance of ongoing monitoring and analysis of economic indicators in order to make informed decisions regarding personal financial planning and investments. It also underscores the need for governments and business leaders to prepare for potential economic downturns and develop strategies to mitigate their impact.
The work done by Centrists like Summer help Conservatives get elected
I believe I should watch a video on "How to survive the current recession" given the state of things. Actually, it's a complete failure. The fact that some people could still earn more than $400k in a short period of time astounded me. If that's still the case, please explain how.
Recession late 2023 – early 2025. Buckle up.
DIDN’T WE JUST GET OUT OF A RECESSION!!?? In 2010!?!?!
My man with the shower faucet jokes. Straight up pimp!
Larry ,well thought and recognized issues !
Can,or will they,be improved !??
Not much ,if any improvements so far !?
Larry Summers Ego has grown more then the inflation. Retirement means, stop talking like a God of finance. Please Shut Up and stop adding fuel to a corporate generated fire.
With inflation running at a four-decade high, a Recession is now the ‘most likely outcome for the economy. How can I grow my portfolio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits
We are literally already in a recession. By definition we already hit a recession. What are these people smoking
The guest speaker simply didn’t answer the question directly. 🙂
Larry summers is wrong 98% of the time.
I live in Canada…..we too are in the same boat….is it not just a USA problem
Call it whatever you want.
While you're at it, why don't you move the threshold for obesity to 800lbs. That'll make for a relatively healthy nation too.
Let Russia take this as a direct NATO attack and pour its nuclear missiles into the head of the BIden that wants Armageddon so badly!
Shoigu warns of danger of nuclear provocation by Kiev regime
Kiev's possible use of a "dirty bomb" was the focus of telephone conversations between Russian Defense Minister Sergei Shoigu and his US, French, UK and Turkish counterparts, the Russian Defense Ministry said.
"On October 23, 2022, telephone conversations took place between the Defense Minister of the Russian Federation, Army General Shoigu and US Secretary of Defense Austin," the statement reads, detailing that both officials "discussed the situation in Ukraine".
It appears that Republicans the so called conservatives run up debts beyond recognition then they hand Democrats a disaster of an economy. Without getting into too much detail 14 out of the last 17 recessions are under Republican leadership then they of course hand over a mess to Democrats followed immediately by Republicans pointing the finger at Democrats forgetting that they cause the mess to begin with.
I believe the last time this country had a balanced budget was under Bill Clinton then Bush blew it up within his first 4 years.
KKKK They will pay for the product plus the fee for embezzlement practiced with the dollar.
'Good morning!': Hungary mocks Macron after he complains about high US LNG prices
A Hungarian government representative responded to the French president's remarks after he said the US is selling its liquefied natural gas to Europe at prices much higher than its domestic market.
Budapest scoffed at French President Emmanuel Macron's criticism of US prices for selling its gas to Europe.
On Friday (21) Macron criticized the fact that Washington sells US-produced liquefied natural gas (LNG) to European consumers at a price three or four times higher than that charged in its domestic market.
"When you have American energy prices that are much lower than ours and your [US] hydrocarbon producer sells them three or four times more expensive than they sell their industrialists", there is "an implicit double standard, which is a real problem of approximation and sincerity in transatlantic trade," Macron stressed.
Even if a non dollar-denominated asset sees no real gains during inflation that's still much better than holding cash and seeing your real purchasing power undermined. In other words, sometimes you have to chose between the lesser of two evils.
CNN means "COMPLETE NONSENCE NEWS" CNN SUCKS!
Evertime you announce inflation rates, you could mention we have one of the lowest rates in the world. We should give thanks.
what the hells he talking about? we're IN a recession right now. Summers is a hot air bag of stale carbon dioxide. Wolf Blitzer is the perfect idiot to inhale it.
Larry Summers is an economic vampire. He was in Obama's ear advising him how to make wealth tranfer a thing in the last recession. Him and the Fed are out to expand the economic opportunities for his class of rich oligrachs, and to screw everyone else in the process. This is just him richsplaining to all the dumb dumbs that can't figure out his game.
AFTER A PNADEMIC A RECESSIONN IS IMMINENT. WE HAVE TO GET READY.
He was president of Harvard but they fired him when he suggested that there might be biological differences between men and women, and that the difference might have something to do with why men are better in science. There are some things you just can't say.
Recession? That ended about a year ago. This is now a depression! 30-50% increase in goods and no increase in pay for most ppl! Never seen anything like this in my 45 years!
Why do you let him speak? Do better.
What kind of fox news BS interview answers are these? The solution is not to cut back on safety. Absolutely not. What a moron.
Top notch economist Larry Summers insightful and a straight shooter — we should have listened to him a year earlier for his Biden's $4 Trillion Dollars' INFLATION INFLATION warning
2023 Republican Congress….. will be TOO late to save America’s future
The only people that pay the piper are borrowers for everything from housing to credit cards. The "bottom" EIGHTY PERCENT PAY THE TAB. The topn 20% don't GAS.
See how that works?
this is so brilliant the United States economy is compared to a toilet bowl or the faucet how brilliant is this this is why we sent our children to college this is why we have such a brilliant Network television shows to teach American morons and idiots that the American economy is like a toilet bowl but it is he's absolutely right just like this CNN toilet bowl commentaries you go CNN keep on flushing keep on flushing or it will overflow or it will overflow
democrats continue to believe what joe biden tells them and over and over look like fools. period
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