the white house has to suffer the consequences. david: it is not just inflation. powell came out with a grim forecast for economic growth, 0.02%, as flat as you can get for 2022. we lowered that tremendously this week. we are in a desperate stage of stagflation. jillian: mary:he s trying to prepare the public for what is happening to the economy as conditions tighten. that is something he has to do if he brings inflation out of the economy but it is going to mean basically demand destruction which is raising interest rates to the point where it is harder for companies to borrow money at low interest rates which they have been doing for many years and that will hit earnings,
so bad, he will do what it takes to get it under control even if it means more economic pain. have got to get inflation behind us and wish there were a painless way to do that. there isn t. david: working americans are spending a month out of their annual salary to keep up with soaring prices. is inflation and its causes killing our economy? let s ask our panel, dan heninger, kim strawser land mary anastasia o grady. biden is downplaying inflation, powell saying it is essentially willing to risk recession to cure it. who is right? let s focus on that remark by president biden that inflation last month rose inch. a new turn for the economic lexicon, inflation coming up and inch. the biden white house and the
david, a hit for the new u.k. prime minister, liz truss, who week announced that the country is going to return to pro-growth policies. she s cutting the payroll tax the, she s also putting a cap or a freeze on the corporate tax which boris johnson had wanted to raise, and she says personal tax cuts are coming. you know, she s also going to ramp up oil production, so rule brittania, david. [laughter] david: in liz, we truss, as they say over there. dan, for you. this one s a twofer. a miss to rashida tlaib and a hit to ceo jamie dimon for this exchange at a congressional hearing this week. please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, mr. dimon? absolutely not, and that would be the road to hell for
president biden: the pandemic is over, we still have a problem with covid and still doing a lot of work on it but the pandemic is over. the president said, and he was clear in his 60 minutes interview, covid remains a problem and we are fighting it. david: is the covid 19 pandemic over or not? president biden declaring it end in that now famous interview took many in the administration by surprise, white house spending much of the week walking that claim back. no wonder so many biden policies tied to public health and national emergencies declared during the pandemic and extended ever since including his plan to cancel $500 billion in student loan debt. back with our panel, dan heninger, kim strossel and mary anastasia. let s start with the biggest ticket item, the student loan bailout. some people say it is $1
president obama marked the 50th anniversary of lyndon johnson s war on poverty this week declaring that there s more work to be done. and using the occasion to push a domestic agenda that includes an extension of long-term jobless benefits, a minimum wage increase and a new government initiative to create economic promise zones. but some prominent conservatives are coming out with antipoverty plans of their own. and pushing back on the president s government approach. the current government programs that are designed to address poverty, they help alleviate some of the pain of poverty, but they do not help people emerge from it. they do not help people rise above it. we have got to deal with that. and with opportunity and equality. not just income inequality. joining the panel this week the wall street journal political diary editor jason riley and washington columnist kim straussl. let s first talk about the democratic agenda and their focus on income inequality. they r