On Wednesday's broadcast of CNN's "OutFront," economist Larry Summers said that there is "a real problem" with inflation that "was a foreseeable problem a year ago," and "we're looking at a situation right now that is fundamentally unsustainable." But "by continuing to believe this narrative of transitory inflation and it's all going to be okay, we've gotten ourselves way behind where it's much harder to deal with than it would have been if we had understood more fully what our problem was six months ago." Summers also argued that there's "a substantial risk" of "a wage-price spiral, in which higher wages lead to higher prices and higher prices lead to higher wages and we're off to the races."