What Next: How Bad Is the Economy Going to Get?

Slate News

Slate Podcasts

News, News Commentary, Politics

4.6 • 6K Ratings

🗓️ 13 October 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

With inflation up and unemployment down, the Federal Reserve is raising interest rates and signaling that they’re willing to risk a lot to stall the rising price of everything. But is Jerome Powell doing too much—or is he already too late to avoid a painful recession? Guest: Jordan Weissmann, senior editor at Slate reporting on economics, politics, and public policy. If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get benefits like zero ads on any Slate podcast, bonus episodes of shows like Slow Burn and Amicus—and you’ll be supporting the work we do here on What Next. Sign up now at slate.com/whatnextplus to help support our work. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hello.
0:07.4	Do you want to start?
0:08.4	Want to get into it?
0:10.1	I called up Slate's Jordan Weissman to talk about interest rates.
0:13.6	Let me think.
0:14.6	And that is a Federal Reserve once again raising its key interest rate by three quarters of a
0:20.0	point in order to beat back inflation.
0:22.6	Yeah.
0:23.6	It's interesting.
0:25.4	I wanted Jordan to cut through the unvarnished air of panic.
0:29.0	I hear on cable news these days.
0:31.1	What are the risks?
0:32.4	It raises the risk that at some point at least the Fed might overshoot and raise rates too
0:38.5	much, pushing the economy into a recession that perhaps didn't need to happen.
0:45.0	It's all the same thing.
0:46.3	Fear of recession as the Fed doubles down on its strategy of crushing inflation by jacking
0:52.0	up the cost of borrowing.
0:54.4	Will they end up overdoing it most likely?
0:58.2	So they've gotten themselves into this hole and unfortunately they don't know how to
1:01.7	get out of this hole.
1:02.7	There's no ladder out of this hole.
1:04.2	People have to realize there's no ladder out of it.
	...

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