Barack Obama's Treasury Secretary Lawrence 'Larry' Summers, right, appearing on CNN's 'State of the Union' with Dana Bash on Sunday, June 12, 2022. (Video screenshot)
By Harold Hutchison
Daily Caller News Foundation
Former Treasury Secretary Larry Summers criticized Treasury Secretary Janet Yellen on CNN Sunday after she claimed a recession was not likely.
“I think the optimists were wrong a year ago in saying we’d have no inflation, and I think they’re wrong now in being — if anyone’s highly confident that we’re going to avoid recession,” Summers told “State Of The Union” host Dana Bash.
Summers served as secretary of the Treasury in the Clinton administration according to his website. He later served as director of the White House National Economic Council in the Obama administration.
WATCH:
Yellen expressed doubts that a recession was coming during a Thursday policy forum hosted by The New York Times. She previously said inflation would be transitory.
The Consumer Price Index climbed 8.6% year-over-year in May, according to the Bureau of Labor Statistics, after rising 8.3% year-over-year in April. The average price for a gallon of gas exceeded $5, according to AAA data.
“I think when inflation is as high as it is right now, and unemployment is as low as it is right now, it’s almost always been followed, within two years, by inflation — by recession,” Summers said. “I look at what’s happening in the stock and bond markets. I look at where consumer sentiment is. I think there’s certainly a risk of recession in the next year.”
The Treasury Department and Summers did not immediately respond to a request for comment from the Daily Caller News Foundation.
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