WTH Can We Do About Inflation? Glenn Hubbard on Biden's Response, What's Causing Price Spikes and How to Fix It
What the Hell Is Going On
AEI Podcasts
4.4 • 633 Ratings
🗓️ 19 May 2022
⏱️ 43 minutes
🧾️ Download transcript
Summary
More guns, less butter? Today, average Americans are looking at historic levels of inflation, economic contraction, and rising gas prices, soon to merit the term stagflation—and that's not all. People are leaving their jobs en masse, the average consumer is cutting costs to keep up with personal budget deficits, and meanwhile, the Biden administration has added $1.9 trillion to the $300 billion economic hole. To top it all off, there's trouble abroad with tightening sanctions on Russia and the persistent trade competition with China. Glenn Hubbard joins Dany and Marc to discuss the state of economic affairs, the role of the Fed, Build Back Better, and more.
Glenn Hubbard is a visiting scholar at the American Enterprise Institute and the former Dean of the Columbia Business School. He is the current Russell L. Carson Professor of Finance and Economics there. He is also the former chairman of the Council of Economic Advisors.
Transcript
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| 0:00.0 | This podcast is brought to you by the American Enterprise Institute. |
| 0:03.0 | If you like what you hear, please subscribe, rate, review, and share. Thanks for listening. Here's our show. What the hell's going on? What the hell is going on? What the hell is going on? I don't know what the hell he's talking about. You don't have to know what the hell is on it. What hell's the matter with these guys? We don't know what's going on. What hell's going on? |
| 0:01.1 | Who in God's name knows what |
| 0:22.4 | it's all about. Hi, I'm Daniel Pletka. And I'm Mark Teeson. Welcome to our podcast. What the hell is going on? Mark, what the hell is, in fact, going on this week? Well, Danny, it feels like we're in the 1970s again. Sure does. I mean, Russia is invading one of its neighbors. A U.S. ally in the Middle East has been overtaken by Islamic radicals. Americans held |
| 0:55.1 | hostage behind enemy lines. There's a member of the first family who was found out to have been |
| 0:59.5 | doing business with Libya. And then we've got inflation, economic contraction, rising gas prices, |
| 1:05.0 | and the president is begging OPEC to produce more oil. I mean, it's like the second coming of |
| 1:09.8 | the Carter administration. And you wrote a great piece in the dispatch on foreign policy about how we're still paying the price for the Carter administration today. But, you know, what the hell is? I'll ask you, what the hell is going on, Danny? You know, it's funny. I told Mark before we started the podcast that I'm listening to Matt Contonetti's book still on Audible. |
| 1:28.4 | And we encourage you to go back and listen to our interview with Matt about that book. |
| 1:32.0 | A terrific conversation. A terrific conversation. But I mean, it is utterly remarkable how like the 70s this is. |
| 1:40.8 | And what is mysterious to me is... |
| 1:43.5 | I just came back, by the way, from California. Yeah. Gas prices are like $7 a gallon. I mean, it's insane. And higher than... I mean, that's just we were seeing as the normal prices of. In some parts of California, it's like, say, $8 or $9. Right. And we love to make fun of California. But, I mean, there are real questions about how people can afford this. Not your, |
| 2:02.8 | you know, work from home millennial who's still thinking about whether they want to go back to |
| 2:07.5 | grad school and hoping that the government is going to pay off their student loans. But like, you know, |
| 2:12.0 | real people who are out there working jobs, making minimum wage, just looking for a better future, $7 a gallon |
| 2:19.5 | gas actually takes a bite out of your budget. Then if you start at the supermarket, |
| 2:24.2 | let's not even talk about the empty shelves, the Soviet-style empty shelves. We've also got |
| 2:29.5 | the prices of things are utterly stunning. I see this because we used to have a family of five in the |
| 2:37.1 | house, six in the house. And then, you know, our kids grew up and they were older and they grow |
| 2:41.3 | older. And so we started spending less, except we're not spending less. I am spending the same today. |
| 2:46.6 | Are you the only family in America whose kids are not living at home or like still gouging off |
| 2:50.6 | the family? I know. I don't expect to be spending less on my kids for a long, long time. |
... |
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