Economist Laffer says recession imminent as inflation hits 40-year-high: 'Worst of all possible worlds'

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Laffer warns inflation 'out of control' as it sits at 40-year high: 'Worst of all possible worlds'

Economist Art Laffer joined 'Fox & Friends' to discuss the latest inflation report and why he believes a recession is likely 'imminent.'

Economist Art Laffer warned a recession appears to be "imminent," and the inflation rate is "accelerating" following the release of the June CPI report. Laffer joined "Fox & Friends" to discuss the latest inflation numbers and why the nation is facing the "worst of all possible worlds."

NANCY PELOSI GOES ON LAVISH ITALIAN VACATION AS INFLATION BACK HOME HITS 40-YEAR HIGH

ART LAFFER: Recession looks very imminent… When you get spot commodity prices dropping while the inflation rate is accelerating, you've got a recession on your hands. The reason copper and gold and lumber and all those are dropping is because the demand for them is going down. It's not like rents and all these other things that are rising at high rate. So we've got the worst of all possible worlds.

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