Economics
Summers Sees Signs of Scarce Workers as Harbinger of Inflation
- Says he hopes Powell is right that price pressures temporary
- Invokes parallel with 1970s Fed focus on ‘transitory factors’
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President Joe Biden’s $4 trillion plans to overhaul the role of government in American lives is aimed at the right targets but risks inflation in an economy that’s recovering fast from the pandemic, said former U.S. Treasury Secretary Lawrence Summers.