• =?UTF-8?Q?Recession=2E_Millions_of_layoffs=2E_Mass_unemployment_?= =?UT

    From a a@21:1/5 to All on Tue Jun 21 09:56:27 2022
    Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry Summers is the chief reason.

    Summers on Monday said the U.S. needs several years of high unemployment to get the worst inflation in 40 years back under control.

    Put in starker terms, the U.S. would have to endure a second recession in three years and as many as 10 million people would have to lose their jobs.

    The views of Summers — one of the most famous economists of his generation, serving in multiple Democratic administrations as well as in the presidency of Harvard University — are being taken very seriously these days. That wasn’t the case last
    year when he warned the Biden administration that its $1.9 trillion stimulus plan could worsen inflation.

    His warnings were brushed off at the time by the White House, the Federal Reserve and most professional economists. No longer.

    See Barron’s interview with Summers: ‘We are still headed for a pretty hard landing’

    His latest call isn’t making a lot of people happy, though. President Joe Biden, for one, said he spoke to Summers over the weekend and claimed that the longtime Harvard economist had told him a recession is not inevitable.

    A lot of Americans would get hurt if Summers is right and high unemployment is needed to beat back inflation. Such a turnabout would undo much of the labor-market gains over the past two years.

    The jobless rate recently fell to 3.6% — just a hair above the pre-recession peak — and the U.S. is on track this summer to recover all 20 million jobs it lost in the early stages of the coronavirus pandemic. Wages are rising rapidly, and almost
    anyone who wants a a job can find one.

    A sharp recession — perhaps a deep one — might also be unavoidable. Investing Insights with Global Context
    Understand how today’s global business practices, market dynamics, economic policies and more impact you with real-time news and analysis from MarketWatch.
    Subscribe Now: US $1 for 4 Weeks
    MarketWatch on Multiple devices

    Many liberals on social media have lashed out at Summers, a perennial target of the Democratic Party’s left flank. Among his perceived sins, he has been blamed for negotiating free-trade deals as Treasury secretary during the Clinton administration in
    whose wake many U.S. companies shifted manufacturing overseas.

    Other left-leaning critics said Summers should be one of those millions of Americans who lose their jobs.

    For once Republicans were all too happy to cite the longtime Democratic economist, a frequent critic of conservative policies. Republicans stand to recapture the House and even the Senate in the fall, judging from the historical midterm pattern and Biden
    s poor poll numbers.

    What do professional economists and Wall Street bigwigs say?

    Although the U.S. is not doomed to a downturn, the odds of recession are rising fast. Economists polled by the Wall Street Journal now see a 44% chance of recession in the next 12 months. In January only 18% foresaw such a risk.

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  • From a a@21:1/5 to a a on Tue Jun 21 09:57:35 2022
    On Tuesday, 21 June 2022 at 18:56:33 UTC+2, a a wrote:
    Talk of recession and mass unemployment is all over the news — and former Treasury Secretary Larry Summers is the chief reason.

    Summers on Monday said the U.S. needs several years of high unemployment to get the worst inflation in 40 years back under control.

    Put in starker terms, the U.S. would have to endure a second recession in three years and as many as 10 million people would have to lose their jobs.

    The views of Summers — one of the most famous economists of his generation, serving in multiple Democratic administrations as well as in the presidency of Harvard University — are being taken very seriously these days. That wasn’t the case last
    year when he warned the Biden administration that its $1.9 trillion stimulus plan could worsen inflation.

    His warnings were brushed off at the time by the White House, the Federal Reserve and most professional economists. No longer.

    See Barron’s interview with Summers: ‘We are still headed for a pretty hard landing’

    His latest call isn’t making a lot of people happy, though. President Joe Biden, for one, said he spoke to Summers over the weekend and claimed that the longtime Harvard economist had told him a recession is not inevitable.

    A lot of Americans would get hurt if Summers is right and high unemployment is needed to beat back inflation. Such a turnabout would undo much of the labor-market gains over the past two years.

    The jobless rate recently fell to 3.6% — just a hair above the pre-recession peak — and the U.S. is on track this summer to recover all 20 million jobs it lost in the early stages of the coronavirus pandemic. Wages are rising rapidly, and almost
    anyone who wants a a job can find one.

    A sharp recession — perhaps a deep one — might also be unavoidable. Investing Insights with Global Context
    Understand how today’s global business practices, market dynamics, economic policies and more impact you with real-time news and analysis from MarketWatch.
    Subscribe Now: US $1 for 4 Weeks
    MarketWatch on Multiple devices

    Many liberals on social media have lashed out at Summers, a perennial target of the Democratic Party’s left flank. Among his perceived sins, he has been blamed for negotiating free-trade deals as Treasury secretary during the Clinton administration
    in whose wake many U.S. companies shifted manufacturing overseas.

    Other left-leaning critics said Summers should be one of those millions of Americans who lose their jobs.

    For once Republicans were all too happy to cite the longtime Democratic economist, a frequent critic of conservative policies. Republicans stand to recapture the House and even the Senate in the fall, judging from the historical midterm pattern and
    Biden’s poor poll numbers.

    What do professional economists and Wall Street bigwigs say?

    Although the U.S. is not doomed to a downturn, the odds of recession are rising fast. Economists polled by the Wall Street Journal now see a 44% chance of recession in the next 12 months. In January only 18% foresaw such a risk.


    Jeff Stein
    @JStein_WaPo
    ·
    Follow
    Larry Summers -- who the president said he spoke with today -- publicly saying a 5% unemployment rate is necessary to combat inflation. To state the obvious, a 5% unemployment rate would mean devastating joblessness for millions of poor American workers


    https://www.marketwatch.com/story/recession-millions-of-layoffs-mass-unemployment-larry-summers-forecast-stirs-up-hornets-nest-11655826309

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  • From John Doe@21:1/5 to a a on Tue Jun 21 20:24:49 2022
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    =?UTF-8?Q?=E2=80=94_Larry_Summers=E2=80=99_forecast_stirs_up_hornet=E2=80=99s_nest_?=
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    Talk of recession and mass unemployment is all over the news =E2=80=94 and = former Treasury Secretary Larry Summers is the chief reason.

    Summers on Monday said the U.S. needs several years of high unemployment to=
    get the worst inflation in 40 years back under control.

    Put in starker terms, the U.S. would have to endure a second recession in t= hree years and as many as 10 million people would have to lose their jobs.

    The views of Summers =E2=80=94 one of the most famous economists of his gen= eration, serving in multiple Democratic administrations as well as in the p= residency of Harvard University =E2=80=94 are being taken very seriously th= ese days. That wasn=E2=80=99t the case last year when he warned the Biden a= dministration that its $1.9 trillion stimulus plan could worsen inflation.

    His warnings were brushed off at the time by the White House, the Federal R= eserve and most professional economists. No longer.

    See Barron=E2=80=99s interview with Summers: =E2=80=98We are still headed f= or a pretty hard landing=E2=80=99

    His latest call isn=E2=80=99t making a lot of people happy, though. Preside= nt Joe Biden, for one, said he spoke to Summers over the weekend and claime= d that the longtime Harvard economist had told him a recession is not inevi= table.

    A lot of Americans would get hurt if Summers is right and high unemployment=
    is needed to beat back inflation. Such a turnabout would undo much of the = labor-market gains over the past two years.

    The jobless rate recently fell to 3.6% =E2=80=94 just a hair above the pre-= recession peak =E2=80=94 and the U.S. is on track this summer to recover al= l 20 million jobs it lost in the early stages of the coronavirus pandemic. = Wages are rising rapidly, and almost anyone who wants a a job can find one.

    A sharp recession =E2=80=94 perhaps a deep one =E2=80=94 might also be unav= oidable.
    Investing Insights with Global Context
    Understand how today=E2=80=99s global business practices, market dynamics, = economic policies and more impact you with real-time news and analysis from=
    MarketWatch.
    Subscribe Now: US $1 for 4 Weeks
    MarketWatch on Multiple devices

    Many liberals on social media have lashed out at Summers, a perennial targe= t of the Democratic Party=E2=80=99s left flank. Among his perceived sins, h= e has been blamed for negotiating free-trade deals as Treasury secretary du= ring the Clinton administration in whose wake many U.S. companies shifted m= anufacturing overseas.

    Other left-leaning critics said Summers should be one of those millions of = Americans who lose their jobs.

    For once Republicans were all too happy to cite the longtime Democratic eco= nomist, a frequent critic of conservative policies. Republicans stand to re= capture the House and even the Senate in the fall, judging from the histori= cal midterm pattern and Biden=E2=80=99s poor poll numbers.

    What do professional economists and Wall Street bigwigs say?

    Although the U.S. is not doomed to a downturn, the odds of recession are ri= sing fast. Economists polled by the Wall Street Journal now see a 44% chanc= e of recession in the next 12 months. In January only 18% foresaw such a ri= sk.



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  • From Edward Hernandez@21:1/5 to All on Tue Jun 21 21:08:21 2022
    XPost: free.spam

    John Doe stated the following in message-id <svsh05$lbh$5@dont-email.me> (http://al.howardknight.net/?ID=164904625100) posted Fri, 4 Mar 2022
    08:01:09 -0000 (UTC):

    Compared to other regulars, Bozo contributes practically nothing
    except insults to this group.

    Yet, since Wed, 5 Jan 2022 04:10:38 -0000 (UTC) John Doe's post ratio to
    USENET (**) has been 62.4% of its posts contributing "nothing except
    insults" to USENET.

    ** Since Wed, 5 Jan 2022 04:10:38 -0000 (UTC) John Doe has posted at
    least 2046 articles to USENET. Of which 173 have been pure insults and
    1104 have been John Doe "troll format" postings.

    The John Doe troll stated the following in message-id <sdhn7c$pkp$4@dont-email.me>:

    The troll doesn't even know how to format a USENET post...

    And the John Doe troll stated the following in message-id <sg3kr7$qt5$1@dont-email.me>:

    The reason Bozo cannot figure out how to get Google to keep from
    breaking its lines in inappropriate places is because Bozo is
    CLUELESS...

    And yet, the clueless John Doe troll has continued to post incorrectly formatted USENET articles that are devoid of content (latest example on
    Tue, 21 Jun 2022 20:24:50 GMT in message-id <mOpsK.237727$BZ99.128464@usenetxs.com>).

    NOBODY likes the John Doe troll's contentless spam.

    This posting is a public service announcement for any google groups
    readers who happen by to point out that Troll Doe does not even follow
    the rules it uses to troll other posters.

    fV/gSoIJ6i5m

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  • From Edward Hernandez@21:1/5 to All on Tue Jun 21 23:25:56 2022
    XPost: free.spam

    John Dope stated the following in message-id
    <svsh05$lbh$5@dont-email.me>
    (http://al.howardknight.net/?ID=164904625100) posted Fri, 4 Mar 2022
    08:01:09 -0000 (UTC):

    Compared to other regulars, Bozo contributes practically nothing
    except insults to this group.

    Yet, since Wed, 5 Jan 2022 04:10:38 -0000 (UTC) John Dope's post ratio
    to USENET (**) has been 62.7% of its posts contributing "nothing except insults" to USENET.

    ** Since Wed, 5 Jan 2022 04:10:38 -0000 (UTC) John Dope has posted at
    least 2072 articles to USENET. Of which 173 have been pure insults and
    1127 have been John Dope "troll format" postings.

    The John Doe troll stated the following in message-id <sdhn7c$pkp$4@dont-email.me>:

    The troll doesn't even know how to format a USENET post...

    And the John Doe troll stated the following in message-id <sg3kr7$qt5$1@dont-email.me>:

    The reason Bozo cannot figure out how to get Google to keep from
    breaking its lines in inappropriate places is because Bozo is
    CLUELESS...

    And yet, the clueless John Doe troll has continued to post incorrectly formatted USENET articles that are devoid of content (latest example on
    Tue, 21 Jun 2022 23:23:04 -0000 (UTC) in message-id <t8tjso$s6u$13@dont-email.me>).

    NOBODY likes the John Doe troll's contentless spam.

    This posting is a public service announcement for any google groups
    readers who happen by to point out that Troll Doe does not even follow
    the rules it uses to troll other posters.

    SuWsksiR6Icz

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