treasury for clinton. he wrote this a year ago. the inflation risk is real may 25th of last year. the white house press secretary saying no one could have predicted inflation. 70% of inflation data is a result of energy prices. a large part of that is the result and chairman powell has spoken to this and secretary yell-in said as a result of the invasion of ukraine and the impact on the global energy markets. steps and impacts that no one could have predicted a year ago. dana: may 25th of last year the war in ukraine hadn t happened yet. it wasn t just larry summers. many of the obama administration veterans were joining people like us saying there is going to be a problem here, stop this spending. i think it goes back to that effort from day one of the biden administration, the president had an ambitious agenda and to get it through he
it has not done anything stupid. there are very few things it has done that are obvious, clear mistakes, and a lot of stuff is really good. but the message often seems to be weak. they should be hammering those job gains, not an occasional press conference, but they should be out there all the time talking about what would things be like if republicans got their way. they should be saying, you know, people want to take away those child tax credits, they re making it possible for you to afford food for your families. usually i hate this kind of thing, but right now the messaging is terribly important. joe manchin seems to think there s a serious inflation risk in what s lefts of the agenda that hasn t been yet enacted or carried out. what would you say to joe manchin about that? i d like him to talk to a high school math teacher. really, seriously, the numbers are just not there.
the risks posed. quite rightly, the risks posed. quite rightly, the risks posed the risks posed. quite rightly, the risks posed by the risks posed. quite rightly, the risks posed by the - the risks posed. quite rightly, the risks posed by the federal reserve over reacting to inflation is definitely a very real one. above all it is a risk that applies to all central banks around the world, simply because there is not a lot they can do about energy prices and energy prices are key to all of this inflation risk that we have in the world. it is going to be more a case of fiscal policy and it will also be a risk of, you know, the us is better protected on the us is better protected on the energy side because, as we have seen, it is now actually benefiting from the natural gas shortage in europe. so it is better on that front but i think really where its greatest dependency is is on the movement of people and on labour skills. movement of people and on labourskills. it movement of people
it has not done anything stupid. there are very few things that it has done that are obvious, clear mistakes, and a lot of things it s done are really good. but the messaging often seems to be kind of weak. they should be hammering those job gains, not just an occasional press conference from the president, but they should be out there all the time. they should be talking about what would things be like if republicans got their way. they should be saying, people want to take away those child tax credits that are making it possible for you to afford food for your family. so i think usually i hate this kind of thing, but right now i think the messaging is terribly important. joe manchin seems to think that there is a serious inflation risk in what s left of the biden legislative agenda that hasn t yet been enacted or carried out. what would you say to joe manchin about that? i d like him to talk to a high school math teacher.