Summers Says Trump Tax Ideas Mean ‘Mother of All Stagflations’
- Former Treasury secretary warns of 10% mortgage rates
- Summers urges GOP-leaning economists, executives to speak up
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Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the US and the global economy.
“This is a prescription for the mother of all stagflations,” Summers said on Bloomberg Television’s Wall Street Week with David Westin Friday, with regard to replacing a major amount of income-tax revenue with tariffs. It would also create “worldwide economic warfare,” he said.