President JoeBiden's economic triumphalism may look out of touch as inflation lingers
Cato Institute economist Norbert Michel largely agrees.
“It’s good that the growth in the price level seems to have calmed down. If that trend continues, it means that inflation has slowed even though the year-to-year rate changes remain elevated," he. “The Fed does not have to drive the price level back down to the pre-pandemic level for inflation to return to the neighborhood of a 2% target."
There have been reports in recent days that Biden may replace his top economic advisers after the midterm elections. Council of Economic Advisers Chairwoman Cecilia Rouse will be returning to Princeton next spring, and say Treasury Secretary Janet Yellen and National Economic Council Director Brian Deese could leave as well, depending on the outcome.Friedman argues that whether or not Yellen and Deese leave, the general direction of economic policy within the Biden administration will not change because the ultimate direction-setter, Biden himself, will not change.When it comes to the midterm elections, Friedman also contends voters may have other things on their minds in the voting booth.
"I'm not sure people will be voting on the economy," he said."They may be voting on Donald Trump, and they may be voting on
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House: No plans yet for Biden to visit storm-ravaged Florida and Puerto RicoThe White House has not yet made plans for President Joe Biden to visit Florida or Puerto Rico to survey the deadly destruction caused by Hurricanes Ian and Fiona.
Read more »
White House meets oil industry over Hurricane Ian price-gouging concernsWASHINGTON (Reuters) -Top White House officials met on Friday with oil executives to discuss Hurricane Ian and low gasoline inventories as President Joe Biden warned the industry not to price-gouge consumers, according to two sources familiar with the matter. The White House requested the meeting with eight oil companies, including Exxon Mobil Corp, Chevron Corp and Marathon Petroleum Corp, late on Thursday, the sources said. Retail gasoline prices have spiked after a series of unplanned outages at refineries and scheduled maintenance at other plants combined to tighten supply.
Read more »
Kevin McCarthy attends White House bill signing after Biden's Jackie Walorski gaffeHouse Minority Leader Kevin McCarthy (R-CA) joined Rep. Jackie Walorski's (R-IN) family and friends at the White House for a bill signing that caused the late congresswoman to be at the 'top' of President Joe Biden's mind earlier this week.
Read more »
White House Report Card: ‘Where’s Jackie’ is a problemThis week’s White House Report Card finds President Joe Biden muttering through another week that didn’t help his party’s chances in the 2022 congressional midterm elections just about five weeks away.
Read more »