Summers: The Economy Is in an Overheated State

Former US Treasury Secretary Lawrence H. Summers dives into the most recent jobs numbers and why he believes the Inflation Reduction Act is moving the country forward.
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[@williamhoffer9277]

The fact that the number of jobs increased while the participation rate declined, leads one to believe that people are performing more than one job in order to make ends meet!

[@jmiogo]

And the fact that all these extra jobs result in declining GDP. We're not in good shape here.

[@blakelondon1]

That's not new.

[@JM-kq4le]

Or it implies that the Federal Government soaked the economy and many businesses took interest free loans based on how many hires they would take after the pandemic lockdowns. Which of course, is a massive distortion on the state of the real economy.

[@ssuwandi3240]

Little trust environment the drills are simply not worth the mental pounding

[@georgemaximus694]

So that means people are working harder and getting less pay overall. Wages growth are still way behind inflation making people having to work a second job just to make means meet. Which means people are working harder in order to pay for inflation tax. We are all going to have to accept this inflation will be there for a long long time as government spending increases exponentially higher and higher and we all have to work more and pay more taxes to fund these bright ideas of congress investment acts. Taxes for the regular working class has always been going up and now on top of inflation. It’s just the way it is. The government will continue to tell everyone that they are working very hard to fight inflation, time will tell if it goes higher, comes down, or stays like this and we all have to just accept it. It’s more likely it’s stagflation.

[@eyelovecolorado2195]

So these guys are only honest after they leave their job?? WTF!!

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[@bokma69]

We will do whatever it takes to tame inflation. Except, of course, what it actually takes. Spending bills don't lower inflation.

[@F15CEAGLE]

Tax and spend.

[@williamandrews781]

It is absurd to raise taxes on people who produce real products and services in order to give their money that they have earned to politicians who are already totally wasting $Trillions !!

[@Homeschoolsw6]

It's the way of nature to take from what is abundant and give to what is deficient. The way of man is different. They take from those who don't have enough and give it to those who already have to much - Tao Te Ching

[@MrKongatthegates]

It’s going to the needy and to green energy transition. Pay your taxes and stop crying

[@chrisbluebird5037]

Overheated indeed, My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.

[@joshspring7686]

The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.

[@miawhitlock9140]

@@joshspring7686 I'm sure the idea of a coach might sound generic or controversial to a few, but new study by investopedia found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised over $500k from an initially stagnant reserve of $150K all within 14months

[@pigsbark4173]

@@miawhitlock9140 I’m new to all this, heard it's a good time to buy and basically I've just got cash sitting duck in the bank and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up?

[@miawhitlock9140]

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[@brent0708]

I do not want to hear a Harvard professor of economics talk about politics or climate change.

[@ca6360]

He can fuk himself ... BS policy is radicalizing the gen pop and its scary what is going on if this continues. TRANSITORY INFLATION THEY SAID..... NOW INFLATION REDUCTION ACT???.

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[@pizzaguy7998]

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[@themischiefjournal]

No friend. They cannot. These are men that claim the wizardry of finance. They are at best, a keno game. This man is a cheerleader with an agenda

[@shawnsmith5028]

You should subscribe to Bob Brinker's Marketimer newsletter. In his August newsletter, he explains that the S&P will likely re-test the June lows in August - October time-frame.

[@adubbization]

Well they make money off your mistakes. So why would they tell you

[@milcotto4153]

US politicians need to stop spending like drunken sailors.

[@christianlibertarian5488]

Due to Trump, who destroyed the Republican Party, there is no constituency for spending reduction. Not that there was much before. But no representative goes home to tell his constituents about the money he didn't spend.

[@yvetteepstein1002]

stupid drunken sailors

[@firstlast8258]

They all need to resign every single one

[@MS-mn5uz]

People forget that Summers is part of this inflation issue when he was in office. Don't forget.

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@yvonneplant9434]

He blew his brief stint as Harvard's president.

[@starkfuture1057]

If the economy is so healthy, then have the FED raise the interest rates by 1% next time.

[@Tom-mu7zy]

Other than CEO pay, the working man has never kept up with inflation. Blaming the working people for inflation that the bank-government creates is scapegoating. But no government has ever admitted that money printing had anything to do with rising prices.

[@JoeMmt347]

I still think that the inflation was caused by the increased fuel prices! The same thing happened during the 70s with the Arab Oil Crisis. It shows how much influence the Oil Companies have by how little attention is being paid to that factor.

[@vitalsigns6403]

Larry giveth and takeths away🤦🏻correct on the lame FED dovishness and their bluffing, but completely partisan and pathetic on his endorsement on the new spending bill. How embarrassing and contradicting. 🤡

[@Agent77X]

Summer is a politician 1st, economist 2nd! Meaning what he said has to be taken with that in mind!

[@KT-zx9jr]

Solution to get better: Less climate change, less messing with the educational curriculums, put parenting back in parents hands and out of teachers, focus on developing excellence every where, k12 education is pure, reading, writing, arithmetic, science, ....no social stuff.....

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@JoeMmt347]

Tell the people who are living paycheck to paycheck that the economy is overheated!

[@richm368]

What should we tell the people putting necessary bills on their credit because they can't even live paycheck to paycheck anymore?

[@JoeMmt347]

@@richm368 Funny how all this is ignored!

[@firstlast8258]

@@JoeMmt347 Larry summers is a multi millionaire

[@marktaylor3921]

The Gov along with the Fed has spent 11 Trillion dollars the last two years, that got real inflation up between 30 to 40 percent. So, spending another 1 Trillion dollars that we Do Not Have is going to lower inflation? Good one!

[@obijuan3004]

Trumps first day the debt was $19.9 trillion, on his last day it was $27.8 trillion. That’s a $7.9 trillion increase, the largest one term increase in US history. Under Biden, the debt has grown to $30.5 trillion, or $2.7 trillion increase and the debt is not growing, because of increases in wages and a very low unemployment. Now that billionaire hedge fund managers will pay regular taxes, the debt will slow even more.

[@MrKongatthegates]

This isn’t printed. It’s all paid for through taxes, it actually reduces the deficit which hasn’t been done since the 90s

[@RayMak]

Pray for world peace

[@AjitMD]

14 years of profligacy can not be fixed with rate hikes to 2.25% and lame QT of less $100B. Real inflation is probably > 10% considering CPI estimate is flawed. Core CPI is misleading. Food and fuel are core needs! Inflation is a monetary phenomenon as Milton Friedman said. A big % of Fed $9T balance sheet will have to be reduced via QT. Interest rates will have to exceed inflation rates. Fed and Treasury don’t want significant interest rate hikes or QT. They will drag their feet, blow smoke. Hi debt. In the end, it will happen.

[@billalumni7760]

'I don't think the fed has the thread' - Wow, Larry Summers dropping rhymes about economics! Total Badass.

[@scott5770]

Great content buddy!!!! I’m with you on conviction…..

[@sumitomoO0O]

Inflation is good...look at Venezuela

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@amenbrother8818]

Or Turkiye, or Argentina. GB is at 13% and expecting 15% in a few months.

[@hudsonswaminathan9390]

Wages are not rising??? Where is inflation coming from. Not from the consumer

[@chachachacha4879]

No need to panic FED on holiday till September. What a good time to afk.

[@amenbrother8818]

They've done such a fine job, by all means take a vacation, they've earned it. Inflation will still be roaring out of control when they get back. Mind-blowing!

[@Rnankn]

“Overheated”? Is Summers trying to be ironic?

[@derekb2817]

Did the jobs number include Amazon 100,000 layoff?

[@Homeschoolsw6]

Ultimately it's results, not process that matters.

[@labandonaldhock80]

Everyone is prepping you people should figure it out, nothing is overheated. We are prepping now for the second year of survival.

[@cmonz9]

The surgery analogy was top notch.

[@Bizbuzzme]

meaning . . . there's going to be a significant amount of blood loss.

[@mjtcpa]

Total clown show in DC. You cannot spend your way out of price inflation. Government spending is the cause of inflation, not the solution.

[@junghan1161]

Spending more money is good for inflations ? You mean good for stock market!

[@jeffreycheng5984]

"Stop spending!"- Rick Santelli.

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

, >>

[@jeffreyadams648]

This is the man who opined that the internet would never amount to much

[@sbar39]

Raising taxes instead of raising rates🤔 sounds like we're trying to bandage a brake line leak

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@christianlibertarian5488]

Raising taxes will also have the effect of slowing the economy, though not nearly the effect of raising rates. Deficits end up creating money, though via a circuitous route.

[@sbar39]

@@christianlibertarian5488 create more money is the issue the bridge to nowhere land

[@ca6360]

Sounds like they dont want companies hiring more employees and investing or raising their pay! .... AKA overheated

[@iliketacos6067]

When are we getting a value added tax like europe?

[@lawrenceralph7481]

Politicians speak with forked tongues. On the one hand he calls for monetary tightening to reduce core inflation. But he congratulates a trillion dollar stimulus package of his preferred programs which will push core inflation higher for longer. Not credible.

[@bigticket5869]

“….My concern was more magnified…..”

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@paulmaag6958]

The labor market numbers are off. Much of the job increase is people taking 2nd jobs.

[@amarkmanpeters]

Continuing to lobby for Powell’s job

[@nancyfuley1243]

companies can't fill the positions they have, they can't find enough people. creating more jobs will only exacerbate that problem.

[@michaelparker3188]

Good job! Keep working!😎

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@anthonyr1479]

Strong waaaaaamens, like you know?

[@wihenao]

2 minutes of honest economics and 8 minutes of nonsense propaganda

[@robbieklein6162]

Call it propaganda... I call it an attempt to explain to people how important it is to close tax loopholes and protect the earth. If everybody thought like you, Wilmer, we'd be in real trouble.

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@amjidalam5248]

Whats better recession possible depression or war?

[@petejohnson5594]

You can never guarantee the same results with different individuals Mr. Summers. Best to simply work for equal opportunity (in the process).

[@jondawber4690]

You are not seeing lower prices any where .

[@finanzferdinand9874]

You can't seriously compare the economy to a radiator or car engine.

[@ynnod]

Let's hope in November there will be a change.

[@bullwaves6681]

I doubt it. Republicans never fixed the voting issues. Democrats will remain in control.

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@paulp3992]

7:40 WTF no this is wrong the vast majority do care about increasing our taxes. Classic double speak.

[@alexkocharov4292]

The last Economist who tells the truth. All others are just serving the masters.

[@firstlast8258]

🙄

[@gerry.shafer6101]

THE. NEWS. ALSO. SAID. THOSE JOBS WERE. PRETTY. MUCH. HOTEL. JOBS. OH. BROTHER. RAISE. THOSE. RATES. !!

[@Acquisition1913]

the brilliant mr Summers

[@danieltan9034]

Pce less energy and food will continue to climb. Though food and energy costs have dipped over the past few weeks, PCE is the fed's favourite stat and with core inflation accelerating, more large hikes will come for sure.

[@amenbrother8818]

The Fed is nowhere close to getting a handle on this. For anybody to consider a 2.5% Fed funds rate with 10% and rising inflation sufficient to tame inflation is delusional. Historically the Fed funds rate needs to approach the inflation rate to break the inflationary cycle. Delusional, Summer's word not mine.

[@k14pc]

agree or disagree with his views, you have to admit that Summers is very smart

[@michaelsonsarmiento5943]

that is why recessions are needed

[@evanwilliamson3602]

Need to tighten those interest rates. Far too much cash in the economy. These politicians need to accept austerity. End of.

[@firstlast8258]

They all need to resign

[@AH-fm7rj]

The biggest problems are house prices and rents. If these two prices come under control and get halved the current salaries would be enough to cover double/triple or even quadruple prices on everything else

[@billalumni7760]

The problem has been the eviction moratorium. The real estate overlords are trying to catch up lost revenue and get ahead in case the government tries it again. Add in Blackstone creating a underclass of permanent renters and well, then market is screwed until it collapses.

[@Daveyjonesvi]

@@billalumni7760 but how would you explain the regular housing costs for actual houses not rent. It’s gone up dramatically and it’s not like the homeowners are strapped for cash. Inflation is a multi faceted issues that no one change can fix

[@jamesderoc6717]

@@Daveyjonesvi low interest rates for a long time brought in investment firms into the the residential housing market. these firms are able to leverage debt at a much better rate then you and me. our homes are not homes any longer they are financial assets. next they will financialize your mom

[@Houstonvette]

Agreed

[@jafrasar1]

Probably 90% of that 528k job report ARE NON-FULL time without benefits.

[@williamandrews781]

For whatsoever they sow, that shall they also reap. Every kingdom divided against itself is brought to desolation

[@karolmetal4256]

Let me translate it for you people:stagflation assured

[@ianandersen265]

Setting the stage for stagflation??? It's already here!

[@Shockmeslow]

You know there is no such actual thing as an "overheated" economy, right? I might be mistaken but I don't remember that from my college econ class. I do know that we are in stunningly unprecedented times of a global manufacturing bottleneck, a huge swing to working from home, CoVid's other tentacles of damage, the Ukraine war's impact, then inflation. It makes me wonder if there is enough backlogged work from the bottleneck that is keeping businesses from decreasing activities. The continued jobs numbers on the heel of the interest hike and prospective future hikes suggest that something has economic momentum churning in the face of other classic recession-causing factors.

[@Markdfadf]

Overheated economy is another way of saying nominal GDP is running over trend. Nothing right now is unprecedented. This is very similar to 1973 with high nominal GDP and low unemployment with rate hikes.

[@Riddingwithvivian]

Larry is a smart guy and should know better...the question is: Would you rather have a depression or inflation? And of course the historically every time we have chosen inflation and we have again chosen inflation because we are smart...yes we are

[@michaelcap9550]

Agreed with him until he said Brandon's folly is a good idea.

[@JStuartofficial]

Watch at 1.25x speed. Your welcome.

[@netstarr77]

The only economy today is the too big government employees. And they are only surviving on the trillions of printed money

[@firstlast8258]

Muh money printing

[@lastChang]

American 🇺🇲 is resilient, China is declining!

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@gopalrathi9810]

America is resilient in Printing trillions of Dollars Then crying about inflation 😝🤣👍

[@neuropuritan_zealot8455]

Daleet Printaar 🇮🇳

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@firstlast8258]

Muh money printing

[@brucehoffman4010]

All this is more money printing let's see how much they pay dept of with therr bs it only lending like the 70

[@user-mh6xq2fm3k]

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[@MyOneEdit]

Overheated is the new norm. 😞😗☹️

[@user-mh6xq2fm3k]

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[@blakaxe]

The title doesn’t align with what he said

[@Sammy-uv1kl]

Bloomberg interns are told to make it click bait

[@user-mh6xq2fm3k]

[@ginjjiigok364]

fire the fed

[@JimWilliams]

It's either high inflation high growth, or depression. The old guy never did figure out the economy.

[@farahsmirage127]

I thought you said $23-$24 dollars

[@DGL2828]

These 2 are smoking crack!! Congress got a lot done!! 🤣🤣

[@blakelondon1]

Not enough jobs? Bad economy! Too many jobs? Bad economy! You all are just making crap up as you go along. Panic makes you richer.

[@octaviodovalle6550]

Jobs number increase was people taking a second job. Full time jobs dropped

[@dougvk8472]

You had me right up until you were positive about the Build Back Worse deal, or whatever it is called today. It is more reckless spending on non sensical partisan items. The US solving the climate issues will not matter. The issues need to be resolved by the whole world. That is sadly not close to happening with the discord with major world powers.

[@TomsDone]

The US is part of ‘the whole world’ last time I checked. Unfortunately every country has lots of people that have been whipped up by opportunists to believe that they’re the only ones trying to do something about climate change. It’s so easy. If we can’t overcome that cynicism we will all suffer.

[@dougvk8472]

@@TomsDone agree that the US is part of the whole... The issue is that the remainder of the contributors have not contributed to the solution. The US has largely meet the goals of the Paris accords, even though it with drew from the agreement. China, India, in particular have piled on record numbers of coal and oil fired plants. If you think the US can solve this by itself, I feel sorry for you... Energy is the key to the future. A one sided stab with incredible amounts of spending will only add to inflation and dissatisfaction of the constituents that will be deciding how to move forward in the short term.

[@bsutton2084]

A thumbs up for Summers to push against the insane spending of his party. A thumbs up for pointing out the fed is moving to slowly in raising rates and making this drag out. However, a big disappointment that he turns around and supports another supplemental near $trillion spending plan that will only create more inflation. The fed should not be the only responsible entity when it comes to money management and monetary responsibility.

[@firstlast8258]

Two wings of the same dying bird

[@AH-fm7rj]

Solution is easy, increase the QT and promise to not do QE ever again. Every bit of this problem has QE written on it

[@hybin1716]

Best comment I read so far.

[@buddymac78]

But QE gets you elected. America Is now about grabbing Votes and Cash and the rest can kick rocks… Sad

[@hectorrodriguez2686]

Nuts.

[@cerbarus3000]

Was he part of forming the bill? He is mischaracterization the bill.

[@ronlokk]

Good grief, he is mentioning Nixion? Are we going back in time? Are we jumping in the way back machine? Yes... I was there. No way in the world do I want to go back.

[@user-mh6xq2fm3k]

[@user-mh6xq2fm3k]

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[@billgolfer2682]

go look at Larry Summers history leading up to the financial crisis. I would ask this guy for advice on where to to to lunch. That said, until you get control of the supply chain , your in a mess.

[@Agent77X]

U.S. economy will be getting two spending bills in 2023-2024 stimulus packages. One is for Infrastructure $800 billion, the other is climate change/inflation reduction $700+ billion. Hold on to your seats, U.S. economy no way going be in a recession in 2023-2024 even Fed Fund rate is 6%! 😁⚡️

[@eljefe5858]

It will be starve by hyperinflation. By 2029 when debt is well debased they will launch the digital dollar in order to the dollar remain reserve.

[@dustinmiller2775]

We have to be with "leaders" like these!

[@user-mh6xq2fm3k]

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[@yeahaight3495]

If the economy is “overheating”, we should increase supply! The fact is, very few of US industries are prepared to meet the demand of the entire nation’s population. Remember when we didn’t have enough hospital beds throughout the COVID crisis? Is the problem that too many people are sick, or that we didn’t prepare for something that could affect everyone? Many of our industries should be reformed to be capable of meeting the demand of the entire population. I’m not encouraging widespread nationalization, but possibly a production-based tax cut for businesses based on the amount of customers they serve.

[@elainemilfelt9385]

Tax hike is never good for the little guy

[@babyimHOME]

The inflation is due to a commodity supply shock in fuel and food, and to a lesser extend easy mortgages pushing up home prices. I think inflation is coming down quick since those prices are coming down and rates going up

[@AntonioLexanTeh]

It is so "overheated" that Biden, to cool it, sent billions of weapons to Ukraine 🤣

[@amenbrother8818]

Yeah, $8 billion. If they'd just cut foreign aid, waste, fraud and abuse we'd have a balanced budget. Maybe even a surplus. lol

[@anntrope491]

Time to call in all the P.P.P. LOAN $, INCLUDING THE $ MITCH MCCONNELL'S WIFE GOT...THEN BURN IT !!

[@hermanrogers1325]

Inflation is a simple way to take away what little wealth the people have into the hands of the rich and no body is going to do anything about but let it ride on into the future

[@jerryware1970]

Real wages are collapsing and economy is shrinking. Stagflation is upon us. Central banking money printing, increased taxes and greater regulatory burdens leads to slower growth. And we’re technically in a recession. And this new law allows billionaires to keep their tax loopholes while raising taxes on the middle class.

[@firstlast8258]

Muh money printing

[@modestoma]

Inflation...too much $ in circulation...and we keep printing

[@christianlibertarian5488]

I disagree with Mr. Summers regarding corporate taxes. Corporations do not pay taxes; they are paid by shareholders, employees, and suppliers. Corporate boards will do everything they can to preserve the shareholder's earnings. That is, of course, their job. Taxing Amazon or other corporations will only have the effect of putting downward pressure on workers' wages. I would rather see all income taxed as ordinary income, and no (or little) corporate tax. I agree that closing the "carry" loophole is important.

[@firstlast8258]

Crapazon

[@christianlibertarian5488]

@@kroosgiro Oh yes, he knows what he is talking about. He knows this very well. But he believes that taxing corporations is an efficient tax, as much of the tax comes out of the pockets of shareholders. But he is willing to accept the tax being paid largely by employees, which I am not. This is a value judgement, not an economic one.

[@harrychu650]

Well know that Sommers was up for Powell's job and now has an ax to grind. His support for the next 1 tn spending bill should send up red flags. Caveat emptor

[@cmcp4027]

Job that don’t pay well I bet