The Cautious Optimism Correspondent for Economic Affairs and other Egghead Stuff agrees with the mantra "When you're right, you're right. Even if you're an overrated New Keynesian economist."
Summers was also pretty good warning in March that the pork-laden $1.9 trillion Biden "Covid rescue package" (over $1 trillion of which had nothing to do with Covid, unemployment, or stimulus checks) would elevate inflation risks.
His list of problems today is also very good except for "excess household savings" which is not the problem... at all.
"Former Treasury Secretary Lawrence Summers castigated monetary policy makers in the U.S. and elsewhere for paying too much attention to social issues and not enough to the biggest risk to inflation since the 1970s."
“We have a generation of central bankers who are defining themselves by their wokeness,” Summers, who is now a professor at Harvard University, said on Wednesday. “They’re defining themselves by how socially concerned they are.”"
"Summers ticked off a number of reasons for what he called his “very considerable concern,” including ultra-lax monetary policy, surging house prices, a big federal budget deficit and excess household savings."
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