“We’re unlikely to be able to achieve a soft and easy landing” for the economy, Larry Summers said Wednesday at the Dreamforce conference in San Francisco. But then he pointed to some good news.
““I would give you one very simple economic truth: Would you rather live in a country that capitalists are rushing to go into, or would you rather live in a country capitalists are rushing to get out of?””
Summers, the former U.S. Treasury secretary under President Bill Clinton, gave a talk on the future of the economy at Salesforce Inc.’s CRM, -1.45% Dreamforce conference in San Francisco. In conversation with Salesforce co-CEO Bret Taylor, Summers talked about his high-profile warning, via an op-ed in the Washington Post early last year, that President Joe Biden’s COVID-19 stimulus plan would help set off inflationary pressures.
“We’re unlikely to be able to achieve a soft and easy landing,” Summers said. But he added that the U.S. is making adjustments, such as raising interest rates, and will “get through” those adjustments. The Fed raised interest rates again on Wednesday, and signaled further action by the end of the year.
He said “we are not dependent in the way that Europe is on a pipeline controlled by a tyrant,” adding that “that puts us in a stronger position to weather this and work through this.”The former secretary then shared his thoughts about China, saying that that nation has had “difficulty with COVID,” and that it is unclear whether its vaccination strategy will get past that. He also pointed to other challenges in China, including a continued low birthrate and many empty apartments.
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