The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns
CNN
Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again.
Larry Summers has some unsolicited advice for President-elect Donald Trump: Don’t keep your campaign promises — unless you want to send prices skyrocketing once again. Summers, the famed economist and former Clinton-era Treasury secretary, is alarmed by the potential impact of Trump’s proposals to slash taxes, spike tariffs, deport undocumented workers and influence the Federal Reserve. “If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday. That’s quite the warning considering the scale of the last inflation episode. Consumer prices started increasing rapidly in the spring of 2021, with inflation eventually peaking at a four-decade high of 9.1% in June 2022. Many Americans had never experienced anything like it, and the shockwaves are still being felt today in the nation’s economy and political system. Although the rate of inflation has eased substantially, the level of prices has not. And deep frustrations with the high cost of living helped return Trump to the White House.
Elon Musk, the world’s richest person, will be taking on an official role to try to help President-elect Donald Trump make government more efficient. It will add yet another responsibility to an ever-growing to-do list for the increasingly distracted CEO and business leader.
Europe’s biggest meal delivery firm Just Eat Takeaway TKWY.AS said on Wednesday it had struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading.
The crypto industry, an institution founded on the principle of getting the government’s greedy hands off the people’s currency, is booming. The reason? They may have finally convinced the government to get its hands on bitcoin.
Kraft Heinz is removing its Lunchables meal kits from the national school lunch program, months after Consumer Reports raised concerns about high levels of sodium in the kits.
On Wednesday morning, conspiracy theorist Alex Jones’ notorious Infowars media empire will go up for auction in a court-mandated sale, and at least one bid is in the “seven-figure” range, a person familiar with the matter told CNN.
When many were celebrating the remarkable economic recovery from the pandemic in the spring of 2021, Larry Summers warned the White House and the rest of Washington that inflation was a real danger.
No, not the recipe itself. Just the literal phrase.
Kum & Go, the Midwestern gas station chain that gained national fame for the immature snickers its name often receives, is making a change.
Boeing’s most immediate problem – an eight-week strike by 33,000 workers – is over. But its more serious problems – ongoing massive losses, quality and safety problems – are as bad as ever, and could even get worse.
Hush puppies, once a staple on Red Lobster’s menu, are coming back.
While revenge porn has been around for decades, the proliferation of AI tools means anyone can be a target of harassment, even if they’ve never taken or sent a nude photo. But there are steps that targets can take to protect themselves and places to turn for help.