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Statecraft

How to Report Inflation to the President

Jul 31, 2024
In this engaging discussion, Ernie Tedeschi, former Chief Economist at the Council of Economic Advisers and current Director of Economics at The Budget Lab, dives into the intricacies of inflation reporting. He reveals the factors driving inflation and addresses the tools economists have—or wish they had—for effective analysis. The conversation also uncovers how high interest rates are impacting consumer sentiment and highlights the concerning trend of men dropping out of the labor force, sparking a call for policy action.
45:27

Episode guests

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Quick takeaways

  • The adaptation of economic tools by economists during crises, notably through quantitative easing and fiscal stimulus, highlights the importance of learning from past recessions.
  • Demographic shifts, especially the retirement of the baby boomer generation, necessitate policy interventions to maintain job growth and address labor market disparities.

Deep dives

The Role of Economists in Policy Response

Economists have played a significant role in shaping policy responses during economic crises, as highlighted by their swift action during the COVID-19 pandemic. The adaptation of economic tools since the Great Recession allowed for a more decisive response, with measures like quantitative easing and fiscal stimulus, largely influenced by economists' experiences from past recessions. For instance, the CARES Act and the American Rescue Plan reflected the lessons learned from earlier hesitations, leading to broader bipartisan support. However, while economists provide valuable insights, it is crucial to recognize that they are only one perspective among various disciplines in addressing complex societal issues.

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