This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy.
Jared Bernstein is literally the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy
Historic announcement from the White House:
Their announced rulemaking unlocks potentially game-changing policy tools for Dept of Energy. The Strategic Petroleum Reserve can now use fixed-price forward contracts to more flexibly promote energy security.
https://t.co/xDIIlAjXgC
I'm not anti rate hikes, I just want the pro-rate hike camp to be clear on what problem they are aiming to address, and via what channel their proposed rate hikes will do so.
@wbmosler One obvious yet rarely discussed impact of rate increases is the impact on pricing. In a low rate environment, increased prices result in expanded capacity, both from existing competitors and new entrants.
Just re-reading @AOC's comments on Don Lemon's show from the week I was on vacation again, and I'm struck by how much better her framing is than the vast majority of people who are paid to opine about inflation professionally.
@jialanw The proposed outcome may be similar, but the assumption that fiscal expenditures need to be funded with taxes or debt falls from from MMT.
Managing inflation is key; simply spending towards an erroneously defined debt ceiling is dangerous.