Larry Summers: The High Price of Getting it Right

Larry Summers is one of the most important economists in the world. He’s been the chief economist at the World Bank. He was Treasury Secretary under President Clinton. He was director of the National Economic Council under Obama. And from 2001 to 2006 he was president of Harvard. But perhaps more than anything on his resume, the thing Summers is most well-known for is his willingness to speak his mind—even if it means being the skunk at the garden party, warning about inflation when everyone else was downplaying it and publicly criticizing the Biden administration’s spending policies. And yet, Summers is somehow the skunk that everyone–particularly the very administration he’s been critical of–wants to stick around. Summers has been a force behind the scenes on the Inflation Reduction Act—the massive climate, health and tax bill signed into law by President Biden this week. He also worked behind the scenes to get Joe Manchin—who earlier this summer said he would not vote for the bill—to reverse course. (Read more about that here.) Today a conversation with Larry Summers about the state of the economy, how we can turn it around, and whether or not the new law will actually reduce inflation. He also sounds off on the future of higher education and what he calls “the new McCarthyism.” Learn more about your ad choices. Visit megaphone.fm/adchoices