GZERO World Clips
Think buying American will help ease inflation? Larry Summers says it won’t
Think Buying American Will Help Ease Inflation? Larry Summers Says It Won’t | GZERO World
November 18, 2021
Many Americans believe the best way to fight rising prices is to purchase US-made goods, in theory, less affected by COVID-fueled disruptions to global supply chains.
For former US treasury secretary Larry Summers, they're wrong.
"I think the right thing to do is to buy cheap and buy inexpensive."
When Americans decide to buy more expensive US-made products, he says that contributes to driving up prices even more, and to what he calls an "inflationary psychology" that only makes the problem worse.
Tariffs from the trade war with China, Summers clarifies, are indeed costing American jobs, but at the end of the day it's a negotiation — and playing hardball with the Chinese has definitely not helped with inflation.
Watch this clip from his interview with Ian Bremmer on the upcoming episode of GZERO World.
Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY
From Your Site Articles
- The Graphic Truth: 50 years of US inflation vs interest rates - GZERO ... ›
- Record US inflation levels worsen Americans' view of the economy ... ›
- Inflation panicking is 1970s hangover, says economic historian ... ›
- How long will COVID-fueled inflation last? - GZERO Media ›
- Podcast: Inflation nation: How Larry Summers predicted skyrocketing prices in the US - GZERO Media ›
- Inflation nation: What’s driving US prices higher? - GZERO Media ›
- Larry Summers: Rising inflation makes society feel "out of control” - GZERO Media ›
- Larry Summers' view: What caused US inflation and how to slow it down - GZERO Media ›
More For You
- YouTube
It's been a busy year for SCOTUS, and some major Court rulings are still looming. Yale legal scholar Emily Bazelon previews the cases that could reshape presidential power.
Most Popular
South Korean President Lee Jae Myung leaves after giving a speech on the Government's first supplemetary budget bill of 2026 at the National Assembly in Seoul, South Korea, 02 April 2026.
JEON HEON-KYUN/Pool via REUTERS
South Korea's President Lee Jae-myung's Democratic Party is poised to win 11 of 16 municipal races, a reversal from four years ago when the now-disgraced PPP dominated. But Lee’s surging popularity has foreign policy ramifications.
As America approaches its 250th anniversary, Bank of America is investing in the legacy of leadership — committing $5M to the Theodore Roosevelt Presidential Library and conserving 110 presidential portraits at the Smithsonian National Portrait Gallery, so the history of leaders who defined our nation is preserved for generations to come. Learn more here.
Chris, an Army veteran, started his Walmart journey over 25 years ago as an hourly associate. Today, he manages a Distribution Center and serves as a mentor, helping others navigate their own paths to success. At Walmart, associates have the opportunity to take advantage of the pathways, perks, and pay that come with the job — with or without a college degree. In fact, more than 75% of Walmart management started as hourly associates. Learn more about how over 130,000 associates were promoted into roles of greater responsibility and higher pay in FY25.
© 2025 GZERO Media. All Rights Reserved | A Eurasia Group media company.