So I invited him to the show to make his case and paint a picture of what he thinks comes next. Treasury secretary and current Harvard economist - has been warning about the economy that we appear to be entering. And while the Fed has responded with the first of many planned interest rate hikes, it looks as though the inflation picture is only going to get worse in the immediate future.įor over a year now, Summers - a former U.S. An Omicron wave hit China, leading to huge lockdowns affecting global supply chains. Then the Russian invasion of Ukraine sent global commodity markets into a tailspin and energy prices to record highs. But there was still a hopeful story you could tell about 2022: As the Covid pandemic eased, spending patterns would normalize, supply chains would strengthen, the labor market would stabilize, and inflation would ease. But the rest of it is no longer in question: We’re currently experiencing the worst inflationary crisis in decades.Īnnual inflation was already at its highest rate in decades in January of this year. A year later, the debate still rages over the first part of that sentence - the extent to which the American Rescue Plan is responsible for rising prices. “There is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation,” wrote Larry Summers in February 2021. Transcripts of each episode will be made available by the next workday. Want more from The Daily? For one big idea on the news each week from our team, subscribe to our newsletter.įor more information on today’s episode, visit /thedaily. Manchin aided coal, stymied climate legislation, and made a fortune. If you would like to share their name on the episode, please RECORD A VOICE MEMO and send it to us at You can find more information and specific instructions here. Have you lost a loved one during the pandemic? The Daily is working on a special episode memorializing those we have lost to the coronavirus. Guest: Christopher Flavelle, a climate reporter for The New York Times. Manchin and that especially dirty power plant, showing just how entwined they are. At every step of his political career, Senator Joe Manchin III has helped a West Virginia power plant that is the sole customer of his private coal business, including by blocking ambitious climate action.Ī Times investigation has revealed the strands of the unusual relationship between Mr.
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