WTH Is Inflation Getting Worse? Michael Strain on Who Is Responsible and How To Fix It
What the Hell Is Going On
AEI Podcasts
4.4 • 633 Ratings
🗓️ 22 June 2022
⏱️ 50 minutes
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Summary
Since our episode on inflation with Glenn Hubbard last month, his dire predictions about a likely recession have gathered steam. And though we’re not yet officially in a recession, Americans’ economic pain is only growing: New record average high gas prices in June, likely rolling blackouts, shocking inflation at the supermarket and now the cost of money has skyrocketed too. Meanwhile, here in Washington, the President continues to go on vacation every weekend, deny that inflation is his fault, and push a mindless spending agenda. How did the Fed, White House economists, and mainstream professional forecasters get it so wrong? And perhaps more importantly, what should be done going forward?
These questions and more on today’s episode with Michael Strain. Strain is the Director of Economic Studies at the American Enterprise Institute.
Download the transcript here.
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 Pledka. And I'm Mark Teeson. |
| 0:39.3 | Welcome to our podcast. |
| 0:41.5 | What the hell is going on? |
| 0:44.6 | Mark, what the hell is actually going on? |
| 0:51.0 | Well, Joe Biden just hit a landmark historical moment. |
| 0:57.1 | On his 500th day of his presidency, he is officially the most unpopular president in the history of Poland. No president from Truman to Trump was this unpopular at 500 |
| 1:04.9 | days into office. There's a lot of reasons for that. One of them might be the worst border |
| 1:09.9 | crisis in American history, which he unleashed. One of them might be the worst border crisis in American history, |
| 1:11.5 | which he unleashed. One of them is probably the worst crime wave since the 1990s, which he has also |
| 1:18.1 | played a hand in. But I think the thing that's driving it the most is the fact that we have the |
| 1:23.6 | worst inflation in four decades and the highest gas prices on record. Over $5 a gallon for the |
| 1:31.8 | first time in American history. Before this, gas had never gone over $4.11 a gallon at the worst. |
| 1:39.2 | And we're now at $5 gas. And in some parts of the country, $6 and $7 gas, California, where they have |
| 1:46.0 | huge taxes on top of everything else, it's even higher. |
| 1:49.2 | And this is bad news for the country, and it's certainly bad news for Joe Biden. |
| 1:53.4 | What do you think, Danny? |
| 1:54.7 | It is. |
| 1:55.3 | And I guess what troubles me a lot about this is there's a lot of government culpability here. There's a lot of fed |
| 2:04.2 | culpability here. And there's this desperate attempt by the administration to somehow spin this as |
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