Reported about 1 year ago
Former Treasury Secretary Lawrence Summers criticized policy ideas proposed by former President Donald Trump, warning that implementing tariff hikes to replace income-tax revenue would lead to a 'mother of all stagflations' and create worldwide economic warfare. Summers highlighted the inflationary risks and negative impact on the economy, urging business leaders and economists to address the consequences. Karoline Leavitt, a Trump campaign spokesperson, defended Trump's economic policies, emphasizing their past successes. Summers also raised concerns about Trump's proposals such as advocating a cheaper dollar, which could lead to irresponsible economic outcomes like higher mortgage rates.
Source: YAHOO