Justin Lahart
speaker
1,185 appearances
22 recordings
1 series
first heard Jul 2017
last heard Dec 2024
Justin Lahart’s voice in public audio — every appearance, attributed to the second.
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Appearances
His biggest answer was he was going to drill, baby, drill.
That by opening up drilling, by making permitting processes and so forth easier, that energy costs would go down and that would bring down overall inflation.
There are a few things that went on that pushed inflation up.
For sure, the pandemic and supply chain problems that it caused were huge problems.
Economists also think that to some degree, the stimulus packages that went out to help boost the economy after the pandemic may have contributed to inflation.
There's also a view that the Federal Reserve could have started raising rates earlier than it did.
That might have tamped down inflation as well.
Right now, we're at a point where inflation has cooled a lot, where it might be on a glide path back to the 2% that the Federal Reserve is targeting.
As for why prices are stubbornly high, the thing about inflation is once prices go up,
It's very hard for overall prices to go down.
A big part of that is people's wages adjust.
Inflation goes up, and then people's wages go up, and that's a cost for businesses.
There's not a good situation where prices would go down.
Nobody wants to accept lower wages.
That would be a deflationary environment, and deflation is just one of the worst things that can happen to an economy.
It drives up credit, it drives up financial markets, sort of a Great Depression situation in the worst case.
His biggest answer was he was going to drill, baby, drill.
That by opening up drilling, by making permitting processes and so forth easier, that energy costs would go down and that would bring down overall inflation.
When it comes to drilling, making it easier for oil and gas companies to drill, that doesn't mean they're going to up production.
So US production is already quite high.
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