Greg Ip
speaker
528 appearances
8 recordings
1 series
first heard Jan 2018
last heard Sep 2024
Greg Ip’s voice in public audio — every appearance, attributed to the second.
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Appearances
Unemployment was low and falling.
inflation was very low, interest rates were very low.
So this was an awfully nice time to take over the economy.
And then one of the first things that he and the Republican Congress did was they enacted an extremely large tax cut.
So individuals had their taxes cut, corporations had their taxes cut.
So this was very good for the stock market and it was very good for spending.
And so the
Year 2018 was a very good year for the economy.
Now, whether that was sustainable, we'll never know.
In theory, it probably was not sustainable because a lot of that tax cut was financed with deficits.
And in the end, deficits do crowd out private investment and push up interest rates.
You can look at the first year of the Biden-Harris administration as being one of sort of missteps in that they decided to enact all this fiscal stimulus on the view that the economy was lacking demand and there weren't enough jobs for workers to go around, which, after all, was the experience after the financial crisis in 2008, 2009.
But unfortunately, they misdiagnosed the problem.
We didn't really have a lack of demand.
We had a lack of supply.
And the workers who weren't working, it wasn't because they couldn't find a job.
It's because they didn't want to work because they were worried about getting sick.
And so they put in all this demand into an economy that had too little supply.
And the result was inflation that was higher than it otherwise would have been.
That said, there was a positive side to all that stimulus, which is that the unemployment rate came down very low.
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