Odd Lots Lael Brainard on What Still Can Be Done to Lower Prices
Jan 9, 2024
Lael Brainard, Director of the White House's National Economic Council, discusses the shifting perceptions of the U.S. economy and prospects for a soft landing. She highlights the contrast between a resilient labor market and public anxiety over inflation. Brainard delves into 'excuseflation' and the administration's strategies to combat unfair pricing practices. She also addresses affordable housing reforms and the push for streamlined infrastructure development, underscoring the delicate balance between economic growth and consumer costs.
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Strong Labor Market
- The US labor market has been remarkably strong, with unemployment below 4% for almost two years.
- Job growth has been robust, with 2.7 million jobs added in the past year.
Public Angst
- Despite a strong economic recovery and wage growth exceeding inflation, public angst persists.
- This may be due to lingering stress from recent economic hardships and the slow decline of some prices.
Balancing Energy Needs
- Gas prices have significantly decreased, providing relief for consumers.
- The Biden administration is pursuing a clean energy transition while ensuring affordable energy during this period.