Former Clinton Administration Treasury Secretary Larry Summers joins Andrea Mitchell to analyze the July Consumer Price Index report, which indicated that July’s year-over-year inflation was 8.5%, lower than economists expected. Even though he says July’s inflation “was a pretty good number,” he cautions that “we have a very serious inflation problem in this country. I don't think that inflation problem is going to go away of its own volition. And so I think we're likely to have some quite turbulent times ahead.” Summers predicts a “75-percent chance of recession” in the next two years. 

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Larry Summers: ‘Very Serious Inflation Problem’ In U.S. Not Likely ‘To Go Away Of Its Own Volition’