{"id":1512491,"date":"2022-06-12T12:49:13","date_gmt":"2022-06-12T16:49:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1512491"},"modified":"2022-06-12T12:49:16","modified_gmt":"2022-06-12T16:49:16","slug":"former-treasury-sec-harvard-professor-certainly-a-risk-of-recession-in-the-next-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-treasury-sec-harvard-professor-certainly-a-risk-of-recession-in-the-next-year\/","title":{"rendered":"Former Treasury Sec, Harvard Professor: \u2018Certainly A Risk Of Recession In The Next Year\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/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%2Fformer-treasury-sec-harvard-professor-certainly-a-risk-of-recession-in-the-next-year%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=1512491&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--><p>Former Treasury Secretary and Harvard professor Larry Summers said there is \u201ccertainly a risk\u201d of a recession in the next year.<\/p>\n<p>Appearing as a guest on CNN\u2019s \u201cState of the Union\u201d Sunday, Summers, who served as Treasury Secretary under former President Bill Clinton and Director of the National Economic Council under Barack Obama, said that because inflation continues to surge and consumer sentiment continues to crater, there is a high likelihood of a recession within the next two years.<\/p>\n<p>\u201c[Current Treasury] Secretary [Janet] Yellen\u2026 said this week, \u2018there is nothing to suggest a recession is in the works,&#8217;\u201d Bash began. \u201cDo you agree with that?\u201d she asked.<\/p>\n<p>\u201cNo, I don\u2019t,\u201d Summers said flatly.<\/p>\n<p>\u201cYou think a recession is in the works?\u201d Bash followed up.<\/p>\n<p>\u201cI think when inflation is as high as it is right now, and unemployment is as low as it is right now, it\u2019s almost always been followed within two years by [recession],\u201d Summers responded. \u201cI look at what\u2019s happening in the stock and bond markets, I look at where consumer sentiment is. I think there is certainly a risk of recession in the next year. And I think given where we\u2019ve gotten to, it\u2019s more likely than not that we\u2019ll have a recession within the next two years. That is something we can manage. We\u2019ve had them for the whole history of the country. We need to be prepared and to respond quickly if and when it happens, but I think the optimists were wrong a year ago in saying we\u2019d have no inflation. And I think they\u2019re wrong now, if anyone\u2019s highly confident that we\u2019re going to avoid recession.\u201d<\/p>\n<p dir=\"ltr\" lang=\"en\">\u201cIt\u2019s more likely than not we\u2019ll have a recession within the next two years.\u201d<\/p>\n<p>Former Treasury Secretary <a href=\"https:\/\/twitter.com\/LHSummers?ref_src=twsrc%5Etfw\">@LHSummers<\/a> tells <a href=\"https:\/\/twitter.com\/DanaBashCNN?ref_src=twsrc%5Etfw\">@DanaBashCNN<\/a> why he disagrees with current Treasury Secretary Janet Yellen\u2019s projection that a recession is not on the horizon. <a href=\"https:\/\/twitter.com\/CNNSotu?ref_src=twsrc%5Etfw\">@CNNSotu<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CNNSOTU?src=hash&#038;ref_src=twsrc%5Etfw\">#CNNSOTU<\/a> <a href=\"https:\/\/t.co\/gzrR3B6TBy\">pic.twitter.com\/gzrR3B6TBy<\/a><\/p>\n<p>\u2014 CNN (@CNN) <a href=\"https:\/\/twitter.com\/CNN\/status\/1535989161517367296?ref_src=twsrc%5Etfw\">June 12, 2022<\/a><\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=R2f69w4yGh4\">Yellen<\/a> made the comments earlier this week at a policy forum in Washington, D.C., in response to a tweet from rapper <a href=\"https:\/\/www.dailywire.com\/news\/even-cardi-misses-trumponomics-cardi-b-wants-to-know-when-they-will-announce-the-recession\">Cardi B<\/a> that asked, \u201c[w]hen y\u2019all think they going to announce that we going into a recession?\u201d<\/p>\n<p>\u201cDon\u2019t look to me to announce it,\u201d Yellen said. \u201cI\u2019m not going to announce it. I don\u2019t think we\u2019re going to have a recession.\u201d<\/p>\n<p>\u201cWe have a very strong economy. I know people are very upset \u2014 and rightfully so \u2014 about inflation. But there\u2019s nothing to suggest\u2026that a recession is in the works,\u201d she added.<\/p>\n<p>Meanwhile, inflation <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">soared 8.6%<\/a> annually in May, breaking yet another 40-year high, while the University of Michigan\u2019s <a href=\"http:\/\/www.sca.isr.umich.edu\/\">Consumer Sentiment Index<\/a> fell to 50.4, a 14% decline and the lowest number on record.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Treasury Secretary and Harvard professor Larry Summers said there is \u201ccertainly a risk\u201d of a recession in the next year. Appearing as a guest on CNN\u2019s \u201cState of the Union\u201d Sunday, Summers, who served as Treasury Secretary under former President Bill Clinton and Director of the National Economic Council under Barack Obama, said that &#8230;<\/p>\n","protected":false},"author":189,"featured_media":1512501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1512491","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\/1512491","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\/189"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1512491"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1512491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1512501"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1512491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1512491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1512491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}