No, the relief bill won’t cause inflation (with Austan Goolsbee)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 9 March 2021

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

This weekend, the Senate passed the coronavirus relief bill—and the House is scheduled to debate the bill, and widely expected to pass it, on the day this episode is published (Tuesday, March 9th). While the Senate debated what would be the largest disaster-relief legislation in American history, moderate Democrats and ultra-conservative Republicans alike repeated one common criticism—that infusing so much money into the economy would cause inflation. Austan Goolsbee, past Chairman of the Council of Economic Advisers, explains why those fears are misplaced in this episode that will answer every question you’ve ever had about inflation, stimulus checks, and disaster relief. Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business. He previously served in Washington as the Chairman of the Council of Economic Advisers and a member of President Obama’s Cabinet. Twitter: @Austan_Goolsbee Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Further reading: Biden and the Fed Leave 1970s Inflation Fears Behind: https://www.nytimes.com/2021/02/15/business/economy/biden-fed-inflation-covid.html Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Heads up, Pitchfork listeners. We recorded this podcast last week before the Senate passed the
0:05.8	COVID relief bill. And with the House expected to pass the Senate version any day now, it's all
0:11.6	but a done deal. But we think you'll still find this conversation both entertaining and
0:17.7	extremely informative. So enjoy. There's a Democrat in the White House, and that means we're all
0:25.1	worried about deficits and inflation again, right? The ever inflation hawks who started in 2009
0:31.8	saying that the stimulus would lead to inflation, the fed would lead to inflation. Those people
0:37.2	overnight changed their tube 100 percent even on interest rates and inflation. The second
0:44.0	Donald Trump was elected. It wasn't about inflation. It's about politics and power.
0:48.0	From the home offices of civic ventures in downtown Seattle, this is Pitchfork economics,
0:58.1	with Nick Hanauer, the best place to get the truth about who gets what and why.
1:02.7	I'm Nick Hanauer, founder of Civic Ventures. I'm David Goldstein, senior fellow at Civic Ventures.
1:18.1	So Nick, you can really feel the seasons changing. Spring is around the corner. The days are getting longer.
1:28.4	They are. There's a Democrat in the White House, and that means we're all worried about deficits and
1:33.3	inflation again, right? Exactly. Yeah. Like clockwork, as soon as the Democrats heard charge,
1:41.2	inflation is just around the corner. And the deficit is going to bring down the country.
1:48.0	Yes, it is. Yes, it is. And the depressing part about that goal,
1:52.1	is it's not just the usual heritage foundation and clowns who are inflation-mongering.
2:01.2	It's people like Larry Summers, who theoretically is a Democrat and on the side of the good.
2:09.8	And it's very, very difficult. We're picking on Larry Summers here because he did that op-ed in
2:15.2	the Wall Street Journal warning that the $1.9 trillion COVID relief package was too big
2:22.7	that it might be inflationary in a world where 20 million Americans are out of work.
2:27.2	La, la, la. Yeah, it's crazy. But the good news is that today on the show, we have the anti-Larry
	...

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