America’s Credit Rating Went Down. So What?
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Larry Summers' Wrong Number
A year ago, Larry Summers declared that we would need two years of 7.5% unemployment in order to get inflation back down. That was his macroeconomic wisdom coming out. And I say that just because inflation is down and where is unemployment as of the July jobs report, 3.5%. "It's been a minute since we had a Larry Summers' wrong number"
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