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Why Is This Happening? The Chris Hayes Podcast

What’s Going on With the Economy? with Matthew Klein

Why Is This Happening? The Chris Hayes Podcast

NBCNews

News, Nbcnews, Why Is This Happening?, The Chris Hayes Podcast, Chris Hayes, Politics, Government, Society & Culture, Msnbc, Withpod

4.68.9K Ratings

🗓️ 13 September 2022

⏱️ 58 minutes

🧾️ Download transcript

Summary

The United States hasn’t seen inflation like current levels since the late 1970s. The pandemic prompted unusually high levels of fiscal stimulus, including the rollout of relief through programs like the American Rescue Plan, which some have blamed for inflation. But our guest this week shares that increased economic relief isn’t really the biggest contributing factor leading to inflation. Author Matthew Klein points out that supply chain disruptions created by the COVID crisis, along with the war in Ukraine, actually explain the majority of the changes we’re experiencing. Klein has reported for numerous outlets including Bloomberg, the Financial Times and Barron’s. He joins WITHpod to provide a gut check on the economy and to discuss why he believes the Fed has raised interest rates, the role that supply and demand plays in global financial systems, the impact of monetary policy changes on economic recovery efforts and more.

Transcript

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0:00.0

The basic problem is there were these huge disruptions of pandemic.

0:03.4

There's a new set of disruptions related to Russia's invasion of Ukraine.

0:06.8

That's creating all sorts of real problems in the world.

0:09.5

Those problems have economic and financial manifestations.

0:12.9

It's basically a question of how do we count them and allocate them,

0:15.5

and inflation is kind of the normal way to do it.

0:18.0

Hello, welcome to Why is this happening with me, your host, Chris Hayes.

0:30.5

So if you are basically 40 years or younger, a few years younger than me,

0:35.5

you have never in your life experienced inflation at the rate that it's been over the last year.

0:42.0

You've just never been in a world where prices went up, seven or eight percent.

0:46.5

You've never had the visceral experience of it, which is really something I have to say.

0:51.0

I mean, I haven't really experienced either because I was like two or three when it was last happening.

0:56.0

And you do have a lot of occasion to buy a thing, grocery store, cup of coffee, pay for some service,

1:04.5

like your car needs fix and thinking like, well, that's a lot.

1:08.0

Go to rent a car.

1:09.5

Oh, really?

1:11.0

Is that really what they're charging rent cars?

1:12.5

Like that is a very common experience. It's pretty new for those of us my age and younger.

1:20.0

And it speaks to something about the current macro economic environment,

1:25.0

which is one of the most profoundly weird moments in the time that I've covered the economy.

1:31.0

And probably one of the weirdest moments we've ever really encountered.

1:35.0

We're a little bit off the map.

...

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