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the inflation we ve seen in the last couple of months makes the fed change its policy course. so i think that actually, for me, the turning point that i m looking to is in the fall, president biden has an objective of constraining supply even more with corporate tax hikes and other tax hikes. and if you push supply down, while pushing demand up, it s a recipe for inflation like we haven t seen maybe ever. and so i think that there s an opportunity, however, for democrats, which is that they recognize, if they see the inflation, that demand and supply are mismatched, then they can hold off on their tax plans in the fall, maybe do things to increase supply and that could take the pressure off the fed. but i think that jamie is right. when i was back in the white house last year, we studied basically labor force participation. i don t think the ui benefits had a big impact because people were told they couldn t go to work. the big effect was the schools being closed. and the schools thank

Joe bidenThe turning pointPolicy courseHaven tTax hikesSupply downHasn tWhite houseTax plansLabor forceSummer campsLabor force participationUi benefitsCouldnt go