Summers: We Had ‘Inflation Under Control for 40 Years’ But ‘We Lost the Thread’

Economist Larry Summers on inflation, oil prices, and supply chain issues in the last 40 years. He notes that we "lost the thread" with Biden's $1.9T stimulus package.

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SUMMERS: “We basically had inflation under control for 40 years, despite the fact that the price of oil fluctuated, despite the fact that there were all kinds of supply shocks. We lost the thread, along with many other countries, about a year and a half ago with massively expansionary policies, relative to the size of the GDP gap. The fiscal stimulus was five times as large as it had been during the financial crisis.”