After Months Of Inflation, Where Is The Economy Heading?

The NPR Politics Podcast

NPR

Politics, Daily News, News

4.5 • 24.9K Ratings

🗓️ 28 December 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

A huge number of voters indicated that the economy was their top concern in the midterm election — something that likely helped Republicans take control of the House of Representatives. But President Biden's party fared far better than expected given how persistent rising costs have been. So what's going on with the economy right now, and what could be coming down the road?

This episode: political correspondent Susan Davis, White House correspondent Asma Khalid, and chief economics correspondent Scott Horsley.

This episode was produced by Elena Moore and Casey Morell. It was edited by Eric McDaniel. Our executive producer is Muthoni Muturi. Research and fact-checking by Katherine Swartz.

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Transcript

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0:00.0	Hey there, it is the NPR Politics Podcast.
0:06.6	I'm Danielle Kurtzlavin, I cover politics.
0:09.0	And I must not call it, I cover the White House.
0:11.7	And we have a special guest.
0:12.7	Scott Horsley is here, Chief Economics Correspondent.
0:15.3	Hello, friend.
0:16.3	Great to be with you.
0:18.2	And today we are going to talk about the economy in 2022.
0:21.0	And we're going to lead off with some fresh data.
0:24.3	We learned this month that inflation has begun to slow.
0:27.2	And November prices were up 7.1% from a year ago.
0:31.8	That's down from a four-decade high of 9% in June.
0:35.4	Now for President Joe Biden, that was cause for celebration.
0:38.2	We shouldn't take anything for granted.
0:40.0	But what is clear is the economic plan is working and we're just getting started.
0:45.8	So Scott, give us some perspective.
0:47.6	Yes, it's good news.
0:49.6	Good-ish news, I would say, because 7% is still very high, right?
0:54.7	Yeah, it is high.
0:57.7	3.5 times what the Federal Reserve targets of 2% inflation.
1:01.7	And it's 3.5 times what we were sort of used to in the decades before the pandemic.
1:07.8	But the President is right that we can clearly see now inflation coming down.
	...

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