Amy Walters knows politics, having worked her way up to head of The Cook Political Report. Looking forward to the 2024 presidential race, she quotes economist Larry Summers saying something worth pondering.
The painful fact, though, is that historically when we've had inflation above 4 percent and we've had unemployment below 4 percent, essentially always, since World War II, that's been followed by a recession within the next two years.
The economic conditions Summers describes fit our present circumstances exactly. Unemployment currently runs 3.6% and inflation is above 5%. A betting person would consider a recession an odds-on bet. And Walters believes Democrats have no one better to run than ancient, fumbling Joe Biden.
