“I don’t think there’s a durable reduction in inflation without a meaningful reduction in wage growth,” Summers told The Washington Post on Tuesday. “When inflation’s been above four percent and unemployment’s been below four percent, we’ve always had a recession within the next two years.”
He added, “I think the likelihood is that we’re not going to get through this with a soft landing. … Given where we have been, it is going to be very difficult to get through this.”