transition from recovery to stable steady growth and bring down inflation. the president laying out a three-part plan of giving the fed the space to act, finding ways to lower prices, boost production, and address supply chain problems. and reducing the deficit. but the biden administration under intense scrutiny on whether it did too little too late to proactively tackle inflation. last summer, the president predicted that inflation would be a temporary problem. by late november, fed chairman powell acknowledging that inflation is not transitory. it s probably a good time to retire that word and try to explain more clorely what we mean. trying to reassure the public the central bank is sympathetic to u.s. consumers concerns. we understand completely what they re going through. now the biden administration signaling there is light at the end of the tunnel. russia s war on ukraine disabled not only gas prices and food prices but also disrupted supply chains. we didn
harmful if you look at some of the legislation that elizabeth warren and others have introduced in congress recently, that are in response to this corporate greed profiteering narrative. they re basically about setting price controls or new kinds of taxes that would probably discourage oil production right now. so i just think this is a really unhelpful narrative that the populist left has doubled down on rather than thinking of what is causing inflation. you might want to stay off social media for the next couple hours. you should see my feed. how some ukrainians are publicly but silently protesting the russian occupation. then, new audio from during the uvalde shooting is raising more questions about what law enforcement officers knew and when they knew it. stay with us. moderate to severe eczema
draw that contrast with the republicans and say this is what they want to do. the context of inflation, if you only got republicans to go along with spending for $6 trillion more or whatever it was, or billion more dollars, the problem is that you get like the policies we already got, according to larry summers and others, is why we got inflation in the first place. one problem also for president biden is we re now in the post-memorial day part of the summer. summer is starting. i know it hasn t officially started. everybody calm down. but the unofficial start of summer has begun. people are, if they haven t already tuned out, they re going to tune out from now until labor day and gas prices are going to go up and up and up. they re going to feel it in their summer vacations. not only car trips but their flights are extremely expensiex. everything they try to do for fun this summer is going to be more expensive, and when that unofficial summer ends on labor day, that s when campa
relatively easy steps they could have taken a while ago just to try to get the system back up and running so that you have more seasonal workers, for example, right now. you have more workers in lots of fields where there are currently labor shortages. and for whatever reason, they have been dragging their feet. what do you think the reason is? it s very easy to see republicans criticizing either of those moves as soft on china or soft on the border. is that what s going on here? i think that s part of it. i think the administration was in denial for a long time about the problems of inflation, thinking that the threat of inflation was itself inflated by the media or by republicans or what have you. these kinds of measures carried some near term political risk at the very least. why bother to take that risk if inflation was going to go down on its own, if it was going to be transitory. and even today, i think that they have continued to drag their feet in part because they re reall
this very near term potential political blowback. you know they ll get a few days of bad headlines if they repair tariffs. my view is rather than optimizing for what polls well today, they should be optimizing for what will poll well come november, right? if these kinds of measures could even have a modest impact, bringing downprices, which i think they could. they would have a modest impact, that will be helpful to democrats come november. i fear they are so worried about, you know, republicans attacking them for open borders or soft on china or what have you, they re not thinking longer term about the consequences of not taking every possible action they can to deal with inflation. so former treasury secretary larry summers was one of the first people on the left, even if he s kind of more in the center, to raise the alarm about