Jason Furman, an Economics professor at Harvard and former chair of the Council of Economic Advisers under Obama, discusses the looming Social Security crisis. He highlights the imbalance between incoming payroll taxes and payouts, predicting potential depletion by 2031. Furman also explores the political implications of proposed tax cuts and borrowing to sustain funding. He introduces a new indicator for assessing America's financial health, emphasizing the importance of addressing national debt and fostering bipartisan solutions to avert financial disaster for retirees.

Last week the Federal Reserve raised interest rates by 0.75 percentage points, continuing one of the fastest escalations of the benchmark rate in history. Jerome H. Powell, the Fed chair, warned that more pain was to come as the central bank fixes its eye on Sauron on our core inflation. But the theme of this episode is that U.S. interest rate policy does not stop at the U.S. border. Our monetary policy is a lever that moves the world. Soon after the Fed’s announcement last week, the British pound crashed, oil prices fell, currencies (crypto- and otherwise) fell, and the possibility of a global downturn came ever slightly into greater focus. Today’s guest is Jason Furman, the Harvard economist and former top economic adviser to President Barack Obama. We talk about the state of the U.S. economy, why the Fed is doing what it’s doing, the best arguments against rising interest rates, the global fallout of U.S. monetary policy, and the possibility that the world economy is headed for a dark, dark winter.If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. You can find us on TikTok at www.tiktok.com/@plainenglish_Host: Derek ThompsonGuest: Jason FurmanProducer: Devon Manze Learn more about your ad choices. Visit podcastchoices.com/adchoices

Bob Elliott, CEO and CIO at Unlimited, shares insights on the growing significance of direct lending in private finance. Pooja Sriram from Barclays Capital dissects inflation trends and the disconnect between political rhetoric and economic realities. Jason Furman analyzes Federal Reserve policies, discussing the potential for rate cuts and their impact on market volatility. Together, they explore the challenges of maintaining credibility in monetary policy and the interconnectedness of global economic factors, including China's influence on Western inflation.

President Zelensky admitted this week that Ukraine’s counteroffensive has been “difficult” and Fareed talks with Alina Polyakova, the President and CEO of the Center for European Policy Analysis, about why it hasn't yielded the results many expected. Then, the recent coup in Niger: Fareed speaks with the senior director of the Atlantic Council's Africa Center, Rama Yade, about what this will mean for a region already plagued by unrest. Fareed then asks Jason Furman, the former chairman of the Council of Economic Advisors, a question on many people's minds: how did the US avoid a recession? Plus, theoretical physicist Michio Kaku tells Fareed why he believes the next big technological revolution is not artificial intelligence, but quantum computing.Guests: Alina Polyakova (@apolyakova), Rama Yade (@ramayade), Jason Furman (@jasonfurman), Michio Kaku (@michiokaku), Bruce Feiler (@BruceFeiler).Air date: August 13, 2023.To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Oksana Aronov, Head of Market Strategy for Alternative Fixed Income at JPMorgan, discusses how market pricing can distort expectations and the risk of low corporate bond spreads. Nela Richardson, Chief Economist at ADP, warns about the fiscal deficit's potential to reignite inflation. Jason Furman, former Obama economic advisor at Harvard, reflects on political interference with the Federal Reserve. They all highlight the complexities of the current economic landscape, offering fresh insights into investment strategies and labor market dynamics.

When the Great Recession struck, it was the start of the most significant economic downturn since the Great Depression of the 1930s. A slumping housing market revealed vulnerabilities of huge numbers of mortgage-backed securities and derivatives. In the aftermath, unemployment soared to 10%. GDP dropped by more than 4%, and federal authorities unleashed a series of unprecedented fiscal and monetary policies aimed at stemming the bleeding. When the dust finally settled, legislators and regulators pushed through a series of reforms meant to prevent the repeat of such a calamity. Fast forward to 2023 and the global banking system may be facing its most significant crisis since 2008. Within a short span, a run on deposits at Silicon Valley Bank quickly led to the third-largest bank failure in U.S. history, with Switzerland's Credit Suisse later seeking government lifelines. A second US regional bank — Signature Bank — failed, and a third — First Republic Bank — was propped up. To some, these are signs of the kinds of broader risks the global economy stared down in 2008. A combination of factors, including an eroding of regulations, sharp interest rate rises, mismanagement at banks, coupled with the overarching uncertainty of volatile crypto landscape, have raised new questions about the scale of turmoil that could confront markets. This cocktail of risks, some argue, has added such dangers to banking systems that it is no longer safer than it was in 2008. Others disagree. As bad this recent crisis appears to be, they say, regulatory reforms and liquidity requirements have made significant strides since the days of 2008. The system also effectively contained the contagion, something that required far greater government intervention in 2008. In that context, we debate the following question: Is the Banking System Safer Than It Was in 2008? Arguing YES: Jason Furman, Former Chairman, Council of Economic Advisers   Arguing NO: Gillian Tett , Editor-at-Large, Financial Times (U.S.) Emmy award-winning journalist John Donvan moderates  Learn more about your ad choices. Visit podcastchoices.com/adchoices

In a captivating conversation, economist Jason Furman, political economist Robert Reich, entrepreneur Elon Musk, and journalist Nicholas Kristof tackle diverse issues. They explore California's political landscape, including crime and governance. The dialogue shifts to election integrity, with a focus on citizen oversight and drop box organization. Censorship discussions ensue, particularly regarding social media in Brazil. Lastly, they touch on the complexities of Gaza hostage situations and the rise of drone warfare in Ukraine, blending humor with urgent global topics.

Joining the discussion is Jason Furman, a Harvard economics professor and former Chairman of the Council of Economic Advisors under President Obama. He delves into the recent dip in inflation rates and evaluates whether the Federal Reserve can claim a victory. Jason anticipates rate cuts this year but remains cautious about future easing due to persistent fiscal deficits. The conversation further explores AI's potential for productivity growth and the risks posed by ongoing high debt levels, offering a comprehensive view of the economic landscape ahead.

Daniel Lubetzky, founder of Kind Snacks, shares his valuable lessons on entrepreneurship and the essential traits he seeks in pitches—grit, wit, and market fit. Meanwhile, economist Jason Furman examines the recent interest rate cut's impact on economic policies, comparing strategies from political heavyweights. Nike's CEO John Donahoe discusses the shake-up in leadership as he steps down, while Starbucks embraces a new, more relaxed approach to hybrid work. This conversation offers a fascinating look into the intersection of business and economic trends.

Alicia Levine, Head of Equities at BNY Wealth Management, shares her insights on the uncertainty surrounding potential Fed rate cuts through 2025 and their implications for risk assets. Jason Furman, Professor of Practice in Economic Policy at Harvard Kennedy School, discusses economic policies under Trump and Harris, exploring how presidential leadership shapes economic outlooks. The duo also delves into the Federal Reserve's cautious stance on interest rates and the potential fallouts of tariffs on consumers and trade.