Monetary Matters with Jack Farley Economic Policy To The Fore | Jason Furman on Deregulation, Tax Cuts, Tariffs, and Healthcare
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May 25, 2025 
Jason Furman, former Chairman of the Council of Economic Advisers under Obama and a Harvard professor, dives into the Trump administration's economic strategy. He critiques the effects of tariffs on the economy, highlighting the risk of trade wars and misconceptions about their impact. Furman unpacks the implications of tax cuts, noting they disproportionately benefit the wealthy. He also addresses the national debt's rapid increase and evaluates the mixed results of fiscal policies on growth. Healthcare economics and trade deficits are examined for their broader economic significance.
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Mixed Impacts of Policies
- Tariffs are uniformly harmful to growth while tax cuts and deregulation have mixed effects.
- Deregulation benefits some sectors but harms innovation and renewable energy progress.
Tax Cuts: Demand vs Supply Effects
- Demand-side tax cuts stimulate spending but risk overheating an already full-employment economy.
- Supply-side incentives in recent tax cuts are minimal except for business expensing.
Distributional Effects of Tax Cuts
- Tax cuts disproportionately benefit the top 1%, more than those making up to $100,000.
- Combined with Medicaid cuts, net effect redistributes resources from poorer to richer Americans.