Jeff Snyder

So demand came back faster than supply, and this is basic economics.

What happens when demand is growing faster than supply is?

The only way to reconcile those is prices have to rise.

Think about it as an auction process.

If you have an auction where a ton of people show up and there's only a couple sellers, the sellers are going to get huge prices for it.

So because supply was restricted, that's why it's called supply shock, prices had to rise to meet for the rising demand.

Now, what should have happened, what the government said was going to happen, was that we are going to do all these stimulus plans.

We're going to give money to people.

And what that's going to do is that's going to temporarily stimulate the economy so that the process I talked about, where incomes would start to rise and then slowly over time, they would offset and exceed price changes.

But that never happened.

because stimulus never really actually stimulates.

How do you address it now?

How do you address it now is we've got to get the labor market back working again, which means the economy needs to hit some kind of equilibrium coming off of that three years ago, four years ago, where it was artificially stimulated in all the worst ways.

Now it has to clear out all the bad stuff, including the stuff we're going to talk about here with fraud.

I mean...

Fraud and government waste was a huge part of stimulating the economy, which is the worst way to try to create a sustainable economic growth pattern.

You don't create growth from waste and fraud and inefficiency and unproductivity.

So we got to clean all that stuff out and let the economy start growing.

It's like the same reason why you cut back all your weeds in your garden, you know, all the bad growth.

You got to get rid of that.