Former Treasury Secretary Lawrence Summers has criticized policy proposals by former President Donald Trump, calling them immensely damaging to both the US and the global economy. Summers specifically targeted Trump's proposal to replace income tax revenue with revenue from tariffs, describing it as the most inflationary proposal he has seen in his lifetime. In an interview with Bloomberg, Summers warned that these policies, combined with restrictions on immigration, could lead to far higher inflation and a 10% mortgage rate. Summers also referred to the potential economic impact as the 'mother of all stagflations.' Summers' comments were made during an appearance on Wall Street Week, which airs at 6pm ET.
In an interview with Bloomberg, Larry Summers said Trump's proposals on tariffs and taxes would mean the "mother of all stagflations" and, combined with restrictions on immigration, could lead to far higher inflation and a *10% mortgage rate.* https://t.co/73c5ft3bMZ
Summers says Trump tax ideas mean āmother of all stagflationsā https://t.co/EPAGCCGupz via @business
.@LHSummers, former US Treasury Secretary and Wall Street Week contributor, says that a proposal to replace income tax revenue with revenue from tariffs would be the most inflationary proposal he has seen in his lifetime. Watch Wall Street Week at 6pm ET https://t.co/eyKCLpyVb6 https://t.co/slhVyEXOlR
Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the US and the global economy. https://t.co/IX3gGC5olG via @bpolitics @AnsteyEco
Former Treasury Secretary Lawrence Summers blasted policy ideas floated by former President Donald Trump as immensely damaging to both the US and the global economy. https://t.co/83i8v2cdDZ