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Economics

Larry Summers Predicts the Future, and It Doesn’t Look Good

The holiday season is pretty grim for a whole host of economic reasons. The new year may be worse.

Video player cover image — Larry Summers: Fed Is Still ‘Transitory’ on Inflation

By

Stephanie Flanders and

December 23, 2021, 9:00 AM UTC

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Economically at least, this holiday season feels a bit more like it belongs to Ebenezer Scrooge than Santa Claus. Amid a resurgent pandemic, there are shortages at the grocery store and the highest inflation in almost 40 years. So who better to sum up 2021 and forecast 2022 than Larry Summers, the man whose contrarian warnings about inflation have, at least at this point, largely proven accurate.