Friday, November 17, 2023

The Man's Never Wrong

"Inflation is mostly due to the complications of turning the world economy off and then on again" was obviously true and Larry took the opposite view to make sure the expanded child tax credit didn't continue.
Former Treasury Secretary Lawrence Summers said that “transitory factors” have been one element in a faster slowdown in US inflation than he anticipated.

“Given how strong the economy has been, there’s still a surprise in what’s happened to inflation,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. That has in part to do with “transitory factors that were pushing inflation up from bottlenecks that are now mean reverting and are pushing inflation down,” he said.
Oh so now it's all about the bottlenecks.

Christ what an asshole.