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Former Treasury Secretary Larry Summers said the recession was "almost inevitable" and contradicts Biden.

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Former Treasury Secretary Larry Summers said on Sunday at Bloomberg's Wall Street Week that a recession would be "almost inevitable" for the next two years, but a recession will occur sooner. He said there was a risk of it happening.

Bloomberg TV host David Westin asked Summers about the biggest risks to the economy. 

"I think a recession is almost inevitable. Perhaps there is a real risk of coming sooner with a 75% or 80% chance within the next two years," Summers said. Told. 

Still, President Biden said last Monday that"there is nothing inevitable about the recession" and spoke with Summers that morning. 

Inflation Timeline: Mapping Biden's management response to rapid price increases 

Larry Summers said Sunday that a recession is "almost inevitable."

Larry Summers said Sunday, recession was "almost avoidable" No, "he said. (Screenshot / BloombergTV / WallStreetWeek)

Reporters predicted a recession before the president replied, "Don't make things." I started asking the president about economists. Up. "

" Now you sound like a Republican politician, I'm a joke, it was a joke, it was a joke, "Biden said. "But joking aside, I don't think so. I was talking to Larry Summers this morning. There is nothing inevitable about the recession." 

Summers is Bloomberg He said it was "very difficult" and emphasized that "killing the inflation dragon" is important if the country experiences a "time of pain". 

Westin said some people are predicting a "short and shallow" recession and asked if they agree with Summers. 

People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. REUTERS/Lucy Nicholson

People in supermarkets as rising inflation Shopping June 13, 2022, Affects Consumer Prices in Los Angeles, California, USA. REUTERS / Lucy Nicholson (REUTERS / Lucy Nicholson)

Goldman calls "face the country" and "risk of retreat" "Very, very likely," 

"I hope they are right," Summers replied. It goes back to how much inflation is temporary. "If most of the inflation is temporary, you don't have to live a very painful life to get rid of it from the system. If more inflation is rooted, with more people. You have to live. Difficult. "

He also believes that there is a" meaningful amount of inflation "that a country needs to get out of its system, and the potential recession is" It doesn't have to be like the last recession. generation. " 

" This shouldn't be like what happened after COVID. It's like what happened after a major financial crisis. " It shouldn't be, but most people remember the last two recessions and I don't know why while we're heading for that kind of difficulty, "Summers continued. rice field. 

Gas prices at a Shell gas station in Hercules, California, U.S., on Wednesday, June 22, 2022. Photographer: David Paul Morris/Bloomberg

Shell Gas Station Gas Price US California Hercules, CA, Wednesday, June 22, 2022. Photographer: David Paul Morris / Bloomberg (David Paul Morris / Bloomberg)

Summers also commentedRoev. The Supreme Court's decision to overturn Wadeand their decision on the hidden carry law in New York. 

"I'm worried about the Supreme Court, which fundamentally breaks its own case that is very completely in the life of the country. It may not raise the question more broadly. I wonder if there is any predictability and continuity of policy, to that extent, a very strong check and balance in our democracy, "he said, calling both decisions" horrifying. " 

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Consumer Price IndexRise 8.6 a year ago in May%, hitting a 40-year high. 

The average cost of gas is 48.7% higher than it was a year ago, but surged 16.9% in May. Gas has increased by 106.7% over the past year. 

Hanna Panreck is the Deputy Editor-in-Chief of Fox News.