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"It is now clear that Summers was wrong. His call for austerity was premised on the notion that only a sharp increase in unemployment could prevent a ruinous wage-price spiral. In reality, both wage and price growth have been slowing for months, even as unemployment has remained near historic lows. Summers’s failure to anticipate this outcome should lead us to reconsider just how prescient his analysis of the post-COVID economy ever was."

nymag.com/intelligencer/2023/0

#ericlevitz #Intelligencer #LarrySummers #inflation #unemployment #austerity #cpi

Last updated 1 year ago