Recession. Millions of layoffs. Mass unemployment. Hornet’s nest stirred up by Larry Summers’s latest forecast.

MarketWatch/Jeffry Bartash/6-21-2022

photo composite Larry Summers Joe Biden“Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry Summers is the chief reason. Summers on Monday said the U.S. needs several years of high unemployment to get the worst inflation in 40 years back under control. Put in starker terms, the U.S. would have to endure a second recession in three years and as many as 10 million people would have to lose their jobs.”

USAGOLD note: MarketWatch posted this article on Tuesday. On Monday, Bloomberg ran an article quoting President Biden as saying: “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession. I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.” So which is it? There’s a major disconnect of some kind here. And what, pray tell, does a reduction in the price of insulin have to do with the threat of a recession?

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