Larry Summers: Rising inflation makes society feel "out of control”
November 26, 2021
Global Stage LIVE from United Nations WATCH REPLAY
Highlights from the GZERO World with Ian Bremmer weekly television show.
The economic consequences of high inflation are already bad enough.
But for Larry Summers, sometimes the psychological trauma that comes with it can do even more damage to a society.
"A society where inflation is accelerating is a society that feels out of control."
When wages rise at the same rate as prices do, he says, they feel like inflation is robbing them of the fruits of their labor — even if rising prices is the main reason people are getting a raise in the first place.
"We all tend to internalize the good and externalize the bad."
To deal with inflation, the former US treasury secretary says the Federal Reserve must admit it misjudged the problem, and for President Joe Biden to acknowledge that too when he nominates people to the Fed board.
Watch this episode of GZERO World with Ian Bremmer: Inflation nation: What's driving US prices higher?
Subscribe to GZERO on YouTube to be the first to see new episodes of GZERO World with Ian Bremmer: https://bit.ly/2TxCVnY
Every week on GZERO World with Ian Bremmer, Ian explains the key global stories of the moment, sits down for an in-depth conversation with the newsmakers and thought leaders shaping our world.
Watch GZERO World on US public television and on GZERO's YouTube channel. GZERO WORLD with Ian Bremmer is a local public television program presented by THIRTEEN PBS.
Keep up with what’s going on around the world - and why it matters.