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The Latest Breaking News from Jason Furman

Powell’s debt-limit alarm echoes stealth lobbying effort in 2011

In the worst political showdown over the U.S. debt limit to date, a little-known former Treasury official in 2011 helped convince lawmakers that raising the ceiling was the only option. He’s back at it now, but from a much higher perch: chair of the Federal Reserve.

Tribune News Service

Biden faces GOP debt showdown with bitter memory of 2011 crisis

WASHINGTON — Joe Biden was there in 2011 when Democrats tried to negotiate the type of broad deficit-reduction plan that GOP lawmakers are once again demanding as a condition of raising the federal debt ceiling.

Tribune News Service

Harvard economist Jason Furman warns the U.S. economy could be headed for an ‘incomplete hard landing’. Here's what that means

Furman says a "soft landing" isn't the most likely outcome for the U.S. economy. Rising wages are creating a nightmare for the Fed that will lead to something much worse.

Fortune

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Don't Bet on Inflation Going Away Soon

"The history of developed countries since 1970 is very discouraging about the prospects of bringing down 8 percent inflation," says Larry Summers.

Reason

Biden preaches patience to voters spooked by economic tumult

When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on

The Independent UK

Can Larry Summers please shut up now?

Former Harvard president has been playing inflation Cassandra on TV for months. Can we hear other views?

Salon

Expected Interest Rate Hike Will Add $2 Trillion to the Deficit

So much for the idea that low interest rates meant the government could borrow endlessly with no consequences.

Reason

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A deal to avert a rail strike is on track, but it won't fix U.S. supply chain issues

Supply chain disruptions have eased since the height of the pandemic, but concern over a potential rail strike, which appears to have been narrowly averted, highlights how that system remains fragile.

WEKU

The Biden Administration Is Taking From the Poor and Giving to the Rich

From student debt cancellation to green subsidies, the White House is giving handouts paid for by hardworking lower-wage Americans.

Reason

Biden will cancel $10,000 of student debt for many borrowers

WASHINGTON — President Joe Biden announced Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

Los Angeles Times

Biden's Student Debt Relief Plan Will Worsen Inflation

"Student loan relief would lead some people to spend more," warns Obama economic advisor and Harvard economist Jason Furman

Reason

Why is it so hard to say if this is a recession?

Economists were on high alert Thursday morning awaiting data from the U.S. Commerce Department that might shed light on whether the country is in a recession — a question with vast implications for consumers, employers and electoral politics.

Los Angeles Times

Inflation: Does price-gouging drive up the current rate?

Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits

The Independent UK

Greedflation: Is price-gouging helping fuel high inflation?

The Independent UK

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Axios

Biden admin split over Trump-era China tariffs as inflation looms

Biden officials are fiercely debating whether to lower some of former President Trump’s China tariffs.

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