to reassure customers. there is no sign of panic in the uk banking circles, but the bigger issue yes bank failure since 2000 and it has certainly got investors attention. joining us now is dr betsy stevenson, professor of economics at the university of michigan who was at the white house council of economic advisors. welcome to the programme. president biden is in the us banking system is safe, but can consumers truly have confidence? the safe, but can consumers truly have confidence? safe, but can consumers truly have confidence? the absolutely current, because we confidence? the absolutely current, because we have confidence? the absolutely current, because we have had confidence? the absolutely current, because we have had the confidence? the absolutely current, because we have had the president| because we have had the president come out, the treasury and the fed work together to say we are going to make sure that depositors get their money back. i think we can count on t
now, for the economy to be powering ahead at this pace, particularly in the face of eight straight interest rate hikes for the federal reserve that are meant by design, meant to cool inflation down, magically economy down, this is a true feat! and the people benefiting from the current of the economy, the most at the same people disproportionately affected by the covid-19 pandemic. they are the people who bear the brunt of every economic downturn in this country. they are too often people who are left behind in the economic recovery. now, it s not all pin cloud to pin cloud. prices are still high. as they betsy stevenson put, it inflation is bad, we all parcel when sea process higher than we expect, every show people that means giving up imported purchases. but inflation hurts all of us a little, unemployment wallops a small group of people, destroying lives and communities. the goal of president biden as
most at the same people disproportionately affected by the covid-19 pandemic. they are the people who bear the brunt of every economic downturn in this country. they are too often people who are left behind in the economic recovery. now, it s not all pin cloud to pin cloud. prices are still high. as they betsy stevenson put, it inflation is bad, we all parcel when sea process higher than we expect, every show people that means giving up imported purchases. but inflation hurts all of us a little, unemployment wallops a small group of people, destroying lives and communities. the goal of president biden as well as every lawmaker in both parties and frankly, every rational person should be keep this labor market humming! keep gdp growing! no one in their right mind would want to do around this sort of tenuous success and hurt america s businesses, its workers, and as families. well, almost no one. kevin mccarthy in the roughly 20 or so a strong chaos caucus numbers who put him in power
there s all kinds of signs for, we need to hire people, so get a second job. get into the gig economy. even if you don t need all that money right now, you re like, i m limping by, i m okay, get it now, especially before there s a recession or anything things turn really south. so i would suggest income and you know where i m going, victor. you know. you know you hate me to tell you, but i m going to tell you anyway. go ahead. i ll tell you anyway. listen, housing is the biggest part of people s budget, so if you can live with someone, if you can move back home, move back home. we have my husband and i have all three of our young adult children living with us, and one of them just graduated. she s going to be a teacher, so proud of her, she wants to get her own apartment and i m like, no. stay home. keep them at home. listen, i tried to live with somebody in different context. that didn t work out either. betsey, let me come to you on
house, thank you very much. joining us now is betsy stevenson, a former member of president obama s white house council of economic advisors, and she s a former chief economist for the labor department. also with us is michelle single terry, syndicated personal fitness columnist for the washington post and author of what to do with your money when crisis hits: a survival guide. we need the guide now, michelle. betsy, good to see both of you. betsy, let me start with you. last month, jay powell said that 75 basis points, increasing the interest rates by 0.75% was not something that was actively considered. what s your expectation now and would that be enough to slow inflation? well, i think what jay powell has said is that he s going to read the data, and that they are going to react to the news they get and they did get some news that inflation was much higher than i think people expected in this latest read. a lot of people have talked