first day of e con 101 at the university of michigan. i care deeply about getting kids into college and helping them drive and do well. the debt forgiveness program doesn t do anything for people who are yet to attend college. if we want to fix the problem, what we want to do is make sure that prices aren t rising too fast, that people have a way to borrow, that we don t have predatory institutions out there either lender people more than they can handle or predatory higher education institutions giving people a bad education and trying to talk them into it based on advertisements either on the back of a wheaties pack or on facebook. there are massive problems in higher education, but it s the next generation of students we need to fix them for. gate to have you on as always. thanks so much. thanks so much, pam. we just talked about it. millions of americans are struggling to pay their student loans, and president biden s plan to offer relief is being met with some criticism. for
two straight quarters of negative growth and out the republican talking point western mark. there comes a time when even the most convenient shorthand is outweighed by fax. 400,000 jobs a month and you will call this a recession? economists are the ones that are saying # it s complicated. while wilkin laughed, i think we need to graduate from econ 101 and cliff notes and really get into the facts at this is complicated and this pandemic is precedented. i have not been all conservative news outlets in months where there not been pom-poms out cheerleading for recession and talking about how it was imminent and going to happen. score some points for joe biden because he brought out some facts in the media responded.
school. he can explain things in such a great way. professor, great seeing you. what do you think about this argument over whether we re in a recession or not? are we? look, in my mind, i think this is great news for every econ 101 class. monetary and fiscal policy works. for five quarters, we flooded the season with liquidity, dropped interest rates, gave everybody $5 trillion and go spend it. gdp shot up. now we re doing the opposite. neil: all of that money is why we got inflation. or got the ball rolling, right? exactly. to not expect inflation was insane. now we didn t know the war in ukraine would hit. we couldn t have expected the supply chain issues. that accelerated inflation. of course it s going to go up. when you give $5 trillion out to
hear about the audaciously named inflation reduction act where we re going to inject $700 billion of additional spending in to this economy and then expect inflation to go down? look, i m not an economist. i did take econ 101. when you put more dollars in to the system, they devalue said dollar. so that s where we are. by the way, on gas prices, if you read what is going to be happening in the fall, there s more embargoes on russian only and the energy will probably go back up to $5 or $6 a gallon. whoever wrote that piece for political, you can t look at them now. the future doesn t look good there either, trace. a fair assessment. joe, lauren, thanks both. thank you. well, our breaking recession coverage continues with connell mcshane later this hour. also breaking right now, mayor