Former Treasury Secretary and Harvard professor Larry Summers said there is “certainly a risk” of a recession in the next year.
Appearing as a guest on CNN’s “State of the Union” Sunday, Summers, who served as Treasury Secretary under former President Bill Clinton and Director of the National Economic Council under Barack Obama, said that because inflation continues to surge and consumer sentiment continues to crater, there is a high likelihood of a recession within the next two years.
“[Current Treasury] Secretary [Janet] Yellen… said this week, ‘there is nothing to suggest a recession is in the works,’” Bash began. “Do you agree with that?” she asked.
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“No, I don’t,” Summers said flatly.
“You think a recession is in the works?” Bash followed up.
“I think when inflation is as