Larry Summers knows a thing or two about economic emergencies. As US Treasury Secretary under President Clinton in the 1990s, he led the country’s response to financial crises arising in Mexico, Brazil, Russia, and Asia. And as economic adviser to President Obama, he helped formulate the government’s response to the 2008-2009 financial crisis.
Now a professor and president emeritus at Harvard University, Summers advises businesses and chairs the board of the Center for Global Development, a think tank focused on economic inequity. He also launched the Commission on Investing in Health, an initiative aimed at promoting awareness of the economic significance of global health issues.
As the US struggles to cope with the human and economic cost of the coronavirus pandemic, Summers offers words of advice and caution for President Trump and his team. He spoke with WIRED’s senior writer, Will Knight, from isolation at his home in New England. This transcript has been condensed and edited.
WIRED: You’ve helped America respond to several past economic crises. How does this situation compare?
Larry Summers: This has to be as complex, multi-faceted, and as difficult as any crisis we have faced in the last half century.
