{"id":1441687,"date":"2022-04-16T13:59:44","date_gmt":"2022-04-16T17:59:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1441687"},"modified":"2022-04-16T13:59:55","modified_gmt":"2022-04-16T17:59:55","slug":"summers-we-re-closer-to-70s-level-inflation-than-most-realize","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/summers-we-re-closer-to-70s-level-inflation-than-most-realize\/","title":{"rendered":"Summers: We&#039; re Closer to 70s-Level Inflation Than Most Realize"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsummers-we-re-closer-to-70s-level-inflation-than-most-realize%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1441687&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/Summers-1112-Thumbnail-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>During an interview aired on Friday\u2019s edition of Bloomberg\u2019s \u201cWall Street Week,\u201d economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers argued that \u201cwe\u2019re actually closer to being back\u201d to the inflation levels of the 1970s than most realize.<\/p>\n<p>Summers stated, \u201cLook, there\u2019s been an effort, as there always is when you have inflation, to dismiss it as due to specific or temporary factors. That is much more wrong than right. You can see it when you take out all the extreme observations in both directions\u2026you can see it, as I\u2019ve emphasized, by looking at the wages, which are the ultimate source of costs in the economy. We\u2019ve got a pretty fundamental inflation problem in our country. You know, David, I saw something recently that brought this home to me. People think of us as having had 13%, 14% inflation in the 1970s. But that\u2019s only because of the way it was calculated then. If you use the same way we calculate inflation now, it got just above 10% in the 1970s. So, getting to 8.5%, we\u2019re actually closer to being back there than I think most people realize.\u201d<\/p>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p><em>Follow Ian\u00a0Hanchett on Twitter\u00a0<a class=\"x5l\" href=\"https:\/\/twitter.com\/IanHanchett\" target=\"_blank\" rel=\"noopener external\">@IanHanchett<\/a><\/em><\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>During an interview aired on Friday\u2019s edition of Bloomberg\u2019s \u201cWall Street Week,\u201d economist, Harvard Professor, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President<\/p>\n","protected":false},"author":33,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1441687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1441687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1441687"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1441687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1441687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1441687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1441687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}