{"id":1859305,"date":"2023-02-24T13:51:11","date_gmt":"2023-02-24T18:51:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1859305"},"modified":"2023-02-24T13:53:30","modified_gmt":"2023-02-24T18:53:30","slug":"ex-obama-economist-no-progress-made-on-inflation-under-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ex-obama-economist-no-progress-made-on-inflation-under-biden\/","title":{"rendered":"Ex-Obama Economist: No Progress Made on Inflation Under Biden"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fex-obama-economist-no-progress-made-on-inflation-under-biden%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1859305&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p class=\"speakable\">A former Obama administration economist is warning that the economy is &#8220;overheated&#8221; and that there has been \u2018little if any progress&#8221; made on <a href=\"https:\/\/www.foxnews.com\/category\/us\/economy\/inflation\" target=\"_blank\" rel=\"noopener\">tackling inflation<\/a> during the Biden administration.<\/p>\n<p class=\"speakable\">Jason Furman, who served as chairman of President Barack Obama&#8217;s Council of Economic Advisers, described the economy as &#8220;very overheated.&#8221;<\/p>\n<p>&#8220;We have made little if any progress on inflation. There is little if any reason to expect a large slowdown going forward,&#8221; he said.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/consumer-prices-inflation-rose-january\" target=\"_blank\" rel=\"noopener\">The consumer price index (CPI)<\/a> rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month. While prices remain above 6%, they are down sharply from the 9.1% surge in June, which marked the highest inflation rate in almost 41 years.<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/politics\/republicans-blast-biden-latest-inflation-report-president-living-alternate-reality\" target=\"_blank\" rel=\"noopener\"><strong>REPUBLICANS BLAST BIDEN AFTER LATEST INFLATION REPORT, SAY PRESIDENT \u2018LIVING IN AN ALTERNATE REALITY&#8217;<\/strong><\/a><\/p>\n<div class=\"image-ct inline\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 767px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/a57.foxnews.com\/static.foxnews.com\/foxnews.com\/content\/uploads\/2023\/02\/640\/320\/GettyImages-1464569502.jpg?ve=1&#038;tl=1\" alt=\"President Joe Biden speaks at the University of Tampa on Feb. 9, 2023.\"   style=\"display:none\"><\/div>\n<div class=\"info\">\n<div class=\"caption\">\n<p><span>President Joe Biden speaks at the University of Tampa on Feb. 9, 2023.<\/span> <span>(Joe Raedle\/Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Inflation is expected to remain roughly three times higher than the pre-pandemic average on an annualized basis, underscoring the persistent financial burden placed on millions of U.S. households by high prices.<\/p>\n<p>In a tweet thread, Furman noted that some analysts had predicted that supply chains unfreezing were supposed to bring down inflation, but didn&#8217;t.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/consumer-prices-inflation-rose-january\" target=\"_blank\" rel=\"noopener\"><strong><u>INFLATION ROSE 6.4% IN JANUARY<\/u><\/strong><\/a><\/p>\n<p>&#8220;The economy looked like it was turning last summer\/fall but that never materialized,&#8221; he said.<\/p>\n<p>He said there were some indicators of a possible fall in inflation, including the impact of monetary policy.<\/p>\n<p>&#8220;So yes, more likely than not that inflation falls from its 4.7% pace. Maybe even into the 3&#8217;s,&#8221; he said.<\/p>\n<p>&#8220;But there are still forces going in the direction of high inflation. In recent months goods prices have fallen, that likely won&#8217;t continue. And the extremely tight labor market has lagged effects on inflation,&#8221; he said.<\/p>\n<p>&#8220;6% inflation is much more likely than 2% inflation.&#8221;<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/january-rents-smallest-increase-may-2021\" target=\"_blank\" rel=\"noopener\"><strong><u>JANUARY RENTS HAD THE SMALLEST INCREASE SINCE MAY 2021<\/u><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/category\/person\/joe-biden\" target=\"_blank\" rel=\"noopener\">President Biden<\/a> had said that inflation coming down was good news, but that there was still more to be done.<\/p>\n<p>&#8220;There is still more work to do as we make this transition to more steady, stable growth, and there could be setbacks along the way,&#8221; he said in a statement when the numbers were released. &#8220;That is why my unwavering focus is on continuing to lower costs for families, rebuild our supply chains, and invest in America.&#8221;\u00a0<\/p>\n<p>He also took aim at Republicans for proposing repealing the &#8220;Inflation Reduction Act&#8221; and accused them of threatening to cut Medicare, Social Secu<a href=\"https:\/\/www.foxnews.com\/apps-products?pid=AppArticleLink\" target=\"_blank\" rel=\"noopener\"><strong><u>r<\/u><\/strong><\/a>ity and other programs.<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/apps-products?pid=AppArticleLink\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO GET THE FOX NEWS APP<\/u><\/strong><\/a><\/p>\n<p>&#8220;And some are threatening to default on the full faith and credit of the U.S., which would raise costs and create economic chaos. I will stand firmly against any effort to make inflation worse and increase costs for families,&#8221; he said. &#8220;Today&#8217;s data reinforces that we have made historic progress and are on the right track, and now we need to finish the job.\u00a0&#8220;<\/p>\n<p><i>Fox News&#8217; Breck Dumas contributed to this report.<\/i>\u00a0<\/p>\n<div class=\"article-meta\">\n<div class=\"author-bio\">\n<p>Adam Shaw is a politics reporter for Fox News Digital, primarily covering immigration and border security.<\/p>\n<p>He can be reached at <a href=\"mailto:adam.shaw2@fox.com\" target=\"_blank\" rel=\"noopener noreferrer\">adam.shaw2@fox.com<\/a> or on <a href=\"https:\/\/twitter.com\/AdamShawNY\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><a rel=\"nofollow\">.<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former Obama administration economist is warning that the economy is &#8220;overheated&#8221; and that there has been \u2018little if any progress&#8221; made on tackling inflation during the Biden administration. Jason Furman, who served as chairman of President Barack Obama&#8217;s Council of Economic Advisers, described the economy as &#8220;very overheated.&#8221; &#8220;We have made little if any &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1859308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[3620,13919,19649,5708,7308],"class_list":["post-1859305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-biden","tag-economist","tag-ex-obama","tag-inflation","tag-progress"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1859305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1859305"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1859305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1859308"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1859305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1859305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1859305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}