Summers warns U.S. likely headed to recession, 2 million jobless

Former Treasury Secretary Lawrence Summers warned that the U.S. is now likely headed toward a recession, with potentially 2 million Americans put out of work, thanks to the tariff increases now in train.

“It’s more likely than not that we’re going to have a recession — and in the context of a recession, we’ll see an extra 2 million people be unemployed,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “We’ll see losses in household income” of $5,000 per family or more, he said.