Summers, the U.S. Treasury secretary from 1999 to 2001, and director of the National Economic Council under former President Barack Obama, made the comments Friday to CNN’s Wolf Blitzer in response to new federal figures showing stronger-than-expected job growth. New jobs numbers for July showed unemployment dipped even further, from 3.6 percent to 3.5 percent, continuing months of post-pandemic employment gains. Summers’ views on the precarious state of the economy have taken on added credibility after he predicted President Joe Biden’s stimulus policies would significantly drive up inflation. In a Washington Post op-ed in February 2021, Summers wrote that Biden’s $1.9 trillion COVID-19 stimulus package would trigger ‘inflationary pressures of a kind we have not seen in a generation’ . . .
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