As we continue to navigate through the challenges and uncertainties of the global economy, many people are eager to understand what’s happening and what the future holds. In an effort to shed light on the situation, I recently had the opportunity to speak with Robert Reich, a prominent economist who currently serves as one of President Joe Biden’s top economic advisers.
During our discussion, Reich provided valuable insights into the current state of the economy and the administration’s approach to addressing key issues. One of the most pressing concerns on the minds of many Americans is the impact of the ongoing COVID-19 pandemic on the economy.
According to Reich, the Biden administration is focused on implementing a comprehensive strategy to combat the economic fallout from the pandemic. This strategy includes initiatives such as the American Rescue Plan, which aims to provide direct relief to individuals and families, support small businesses, and accelerate the distribution of vaccines.
Reich emphasized the importance of addressing the disparities that have been exacerbated by the pandemic, particularly in terms of income inequality and access to essential resources. He highlighted the administration’s commitment to creating a more equitable economy, with a strong emphasis on job creation, infrastructure investment, and expanding social safety nets.
When asked about the recent surge in inflation and rising prices, Reich acknowledged the concerns but emphasized that the administration is closely monitoring the situation and is prepared to take action if necessary. He pointed out that the Federal Reserve has the tools to manage inflation and that the administration remains vigilant in its efforts to ensure stable prices and sustainable economic growth.
Reich also discussed the administration’s approach to addressing global economic challenges, particularly in relation to trade policy and international cooperation. He emphasized the importance of working with allies and partners to promote fair trade practices and address common economic challenges, such as climate change and technological innovation.
Overall, my conversation with Robert Reich provided valuable insights into the administration’s economic agenda and its efforts to address the current challenges facing the economy. While the road ahead may be filled with uncertainties, it’s clear that the Biden administration is committed to taking decisive action to support economic recovery and build a more inclusive and resilient economy.
Unfettered late stage capitalism is cannibalism. We are witnessing the beginning of the end.
does “the economy” really matter more than the suffering of everyday normal educated blue and white collar working ppl who are absolutely not getting by?!
high level, theoretical theories don’t help the MAJORITY of ppl.
Why did the inflation reduction act added to tax people that receive money through paypal, etc if the make 6oo dollars or more they will have to pay taxes? Why?
I feel empowered by bidenomics
Democrat propaganda, they are really not telling the truth about how bad the economy is. They believe that if they continue to tell everyone that the economy is great people will start believing it. However, normal people know they can't find jobs, wages have not gone up, hours at work are being cut. The Obama administration changed the way they measure these things and the democrats are still using that formula. They are afraid of Trump and are trying their best to get the lame Biden to continue. He needs to step aside and they find a stronger democrat to run. In truth Biden hasn't really done a lot to help the economy. His build a better stuff hasn't even released most of the money yet. He is waiting to strategically move that money later when the number's really get bad for his presidency to make it look better. The same way he did with releasing our stock pile of oil it was the only way to keep the gas prices down. Biden got elected because Trump was a terrible president, now Biden looks even worse than Trump.
❤President Joe Biden 4MoreYears Biden/ Harris. Calmly getting it done for all Americans 🎉
Classic comments in here. Current policies creating the problem, printing money like it’s cool, and then doubling down on awful fiscal policies that got us here. Further down the rabbit hole we go, I guess.
Black joke Friday was a total failure! More business are going to go out of business like the big box stores & banks! Past data was good! Not for future data will not look so good!
People don't have the money to buy! The tiny, tiny middle class can't support the GREEDY anymore~ So many things I would love to buy to support the economy but I can't even afford to buy food!
The GOP fight'$$$$$ everything that should be fixed, as a no brainer ~ They are not Americans! LIKE the Native Americans & the rest of the born in Americana, Americans are not allow to own their now land as the majority of them! We are kept out from owning our own business! Unless we are already in one!~ You should have new businesses hoping up everyday!~? From the bottom up people!~??? Lots of people are going to get laid off! You watch^^^^^^
this guy is pretty much a clown
Gas prices adjusted for post pandemic inflation is about the same as 2019
The "problem" is when you screw the economy as bad as Biden has, when you fix it a little bit its STILL BAD.
And this guys 'Gas Cost' analogy literally screams the problem. "Your wage has went up so dont be upset over astronomical record prices of everything" 🤨 Isnt that kind of the poormans explanation of inflation? 😂
I love Robert Reich's Freudian Slip about the Unemployment Rate being under 40%. The real Unemployment Ratio is 39.8% of the available for work population is unemployed (according to the BLS).
And this is why Trump supporters reject status quo politics-reticence to address the Fed. Trump won’t address that troublesome organization either, but he is able to motivate those who formerly supported Ron Paul.
I am voting third party. Dems could have raised minumum wage but are corporate owned like the republicans
When a politician says inflation is down compared to last year, it just means the prices stopped rising.
Considering prices were raised almost 50% in a couple years, and the wages don't rise to such an increase and won't for decades, this little pr stunt doesn't give me a lot of hope. Especially from the party that nosedived its own left for trying to kill muslims and ruining the minimum wage rise.
Seems like an informercial… Biden has opened more fossil fuel drilling than any other president, AND he just allowed millions and millions of more acres to be leased for drilling last week. This is a major problem. And the reason I cannot vote for Biden (among others).
Are you kidding me!! You telling me selling the rail road workers down the river is a pro worker president?!?!?!! 😮
What our society needs is extremely unlikely given that our elected representatives are so beholden to wealth donors. What I am referring is systemic reform of how our government raises revenue. What ought to be publicly captured are "economic rents" (of land, of natural resources and other natural assets with an inelastic supply). Instead, powerful interests have seen to it that we tax earned income flows, we tax commerce and we tax tangible capital goods. Our federal government does not even capture market rents associated with federal lands leased to private interests or the rents of radio and television broadcast frequencies.
Absent the direct capture of economic rents via taxation, the best alternative is a simplified and progressive income tax structure, one that ends the advantageous treatment of gains on the sale of financial and other assets. Such gains are derived from special privilege and speculation rather than the production of goods and services. So, what would a reformed structure look like? Exempt all individual incomes up to the national median. Eliminate all other deductions and exemptions. Then, above the exempt amount, imposed an increasing rate of taxation on higher ranges of income. Most highest incomes are derived rather than earned. And, even with very high incomes that are earned, a marginal rate of taxation will have no impact on the taxpayer's quality of life.
Green NRG is already in trouble – Gov Subsides will go bust – The only Hockey stick graphs, are Gov debt and deficit – Interest rates will add more than a Trillion in payments on debt alone – completely out of control – add a couple of wars in on that, and the math that has not mattered for decades, is going to start to matter a lot ! 35 Trillion debt and 2 Trillion in structural deficits going forward if they freeze any more added spending – Good Luck with that ! Add in the recession that will hit hard by mid next year and your tax receipts will disappear – Inflation is cost push not demand push, so it will continue to rise – Add in the Fed, as we all know they will print again when economy tanks, and inflation will soar ! Things are going to get Ugly Folks ! Do not listen to these Liars
Bandage on a grenade wound. 50 years of "We are seeing economic growth and more jobs." But things are more expensive and still ever since wages began to seriously lag behind cost of living begun in 1980 we are falling further behind. There is no way we will balance this out because GNP is doing fine. People seem to accept getting screwed out of a decent living experience, forget about art for a career, Bobby boy. Get a degree in technology, nursing, business (a f897@#g joke), or join the military. Even if it sucks, suck it up.