Austan Goolsbee

We were making progress on inflation for a substantial period

And we were almost down to 2%, and this thing raised it by 1%.

And I think tariffs kind of shoved us back to 3% instead of 2%.

And 3% is too high, but the advertisement was it's going to go away.

A tariff is a one-time thing.

So, yeah, it's going up to 3% for this year, but that's about to go away.

And the thing that worries me about sticking the oil price shock from the war on top is that thing hadn't gone away yet.

So now we're adding a second one before that one went away.

And I think people are...

freaking out a little bit.

You see in the surveys that absolutely number one thing that people say about the economy, their biggest concern is prices.

And number two is affordability.

And I'm like, wait, that's the same thing.

Those are one and two are the same thing.

It's like those cereals where it's like the first ingredient is sugar and the second ingredient is corn syrup.

Yeah, that is kind of what it was.

When it was Cleveland where the river caught on fire.

You know, that's what a stagflation is.

The river catches on fire.

Yes.