Jason Furman

And that adds a lot of liquidity and safety to the system that wasn't there before the financial crisis, and I think is actually a good thing to have.

The pressure that Nixon put on his Fed chair, Arthur Burns, is part of why we ended up with double-digit inflation in the United States and ironically helped create and strengthen the degree of independence that the Federal Reserve has today.

Right now we have 3.5 million more jobs than the Congressional Budget Office had been expecting for this point in time prior to COVID.

One big reason, says Furman.