Larry Summers has a new inflation warning

MarketWatch/Jeffry Bartash/2-14-2022

“Larry Summers says the nation’s labor shortage is even worse than it looks and is likely to add ‘significantly to inflationary pressure in the United States for some time to come.'”

USAGOLD note: Summers has received his share of headlines of late. He continues to pound home the message that the Fed is mired deeply behind the curve on inflation. Now he warns of “upward pressure on wages that won’t relent anytime soon.” His warning summons memories of the 1970s inflation spiral – higher inflation begetting higher wages, higher wages begetting higher inflation, etc.