We’re Not Close to ‘Carter-Era Double-Digit’ Inflation, Summers Says

Bloomberg Markets and Finance published this video item, entitled “We’re Not Close to ‘Carter-Era Double-Digit’ Inflation, Summers Says” – below is their description.

Sep.10 — Former Treasury Secretary Lawrence Summers said there are worrying parallels between current-day U.S. economic and foreign policies and those of the 1960s and 1970s, although inflationary pressures aren’t quite as extreme as back then. He spoke on “Bloomberg Wall Street Week.”

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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