Cold Winter of Recession is Coming, Clinton Treasury Secretary Summers Says
“I think that when inflation is as high as it is right now and unemployment is as low as it is right now, it’s almost always been followed within two years by recession. I look at what’s happening in the stock and bond markets. I look at what consumer sentiment is. I think there is certainly a risk of recession in the next year, and I think given where we’ve gotten to, it’s more likely than not that we’ll have a recession within the next two years”, Summers said, speaking to CNN’s State of the Union on Sunday.
“…the by-product – and I said at the time, when we decided we were going to help Ukraine, the point I was making was that it’s going to cost us too. It’s going to cost the Western countries. It’s going to cost NATO. It’s going to cost the European countries and cost us. Because you know what was going to happen: the cost of gasoline and oil was going to go up, and the cost of food was going to go up”, Biden explained at a meeting of the Democratic National Committee.