Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again.
Summers, the famed economist and former Clinton-era Treasury secretary, is alarmed by the potential impact of Trump’s proposals to slash taxes, spike tariffs, deport undocumented workers and influence the Federal Reserve. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday.
“President Trump will work quickly to fix and restore an economy that puts American workers by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy.” Scott Bessent, a hedge fund executive who could become Trump’s Treasury secretary, has also dismissed the inflation concerns. “The idea that he would recreate an affordability crisis is absurd,” Bessent told Axios.
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