Can Inflation Be Won Without Job Loss?

Former Treas Sec Larry Summers says US unemployment rate must stay above 5% for 5 years to beat today’s record inflation meaning Joe must accept steep job losses from current 3.6% mark he keeps bragging about.

Remember, the US inflation rate now is at 8.6%, the highest in 40 years, and shows no signs of slowing down. While making a speech reported on by Bloomberg News, Mr. Summers explained: “We need five years of unemployment above 5% to contain inflation – in other words, we need two years of 7.5% unemployment or five years of 6%. Unemployment or one year of 10% unemployment.”

In other words, despite all the Fed officials & No. 46 talking like they can turn an inflation off switch by turning on higher interest rates, the likely way the War on Inflation is going to be won is over a LONG HAUL AND AT THE EXPENSE OF JOB SECURITY.

Davd Soul