Larry Summers says 'more likely than not' there will be a recession within 18 months
Fox News
Former treasury secretary Larry Summers warned Thursday that the U.S. will "more likely than not" experience a recession in the next 18 months.
"Now, I don’t think that means we’re going to have something like we had after COVID or something like we had during the [2008] financial crisis, but I do think that we had a period of very substantial stimulus and I think the other side of that is likely to be a downturn," he continued. Joe Silverstein is a production assistant for Fox News Digital.
Summers, who served as the treasury secretary during the Clinton administraion and as an economic adviser during the Obama administration, noted during the interview that OPEC's decision to reduce oil production will exacerbate inflation and heighten the chances of a recession. He argued the United States must increase its domestic production of oil.