Thread by @delong

@LHSummers Say rather that inflation may well—if we are lucky—be our #1 problem in a year and a half. If we are lucky. Right now problem #1 is getting vaccine rate up, problem #2 is getting 3% of America back to work, problem #3 is to get them back to work in the right jobs—in sectors... 1/

@LHSummers ...that will be expanding, in large part because of changes set in motion by and during the plague year and a half, over the next five years, problem #4 is making those jobs as high productivity as possible—in large part by pushing to make them appear in the right locations... 2/

@LHSummers ...problem #5 is setting up a high-investment recovery, problem #6 is trying to set up a high wage-growth recovery, & problem #7 is setting up the Fed to deal with inflation if there is a problem come 2023.

& I do think the Fed is ready, and has already got this. 3/END