Former Obama Economic Council Chairman Jason Furman discusses inflation hitting a 40-year high.
I'm someone that believes in a low unemployment rate. I like the idea of running the economy hot. But boy, did we throw every log on the fire at once…almost start to burn the house down, and that's not a good way to go about it.
It's hard to see how we go from where we are right now, which is 500,000 jobs a month and very strong demand to a recession…the thing the Fed is trying to do is cool down demand right now. There's so much extra demand out there that there's a lot of room to do that without causing a recession…I'm not super bearish on the economy in that respect. I'm just more worried about what the inflation means for people's real wages.
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