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WH Econ Advisor Rouse: We’ve a long way to go on the recovery

White House economic advisor Rouse speaking.

Meanwhile White House economic advisor Rouse is also speaking and says:

  • At moment, people view current spike in inflation as a transitory phenomenon
  • Inflation expectations are the purview of the Federal Reserve
  • We’ve a long way to go on economic recovery.
  • Trade team is looking at tariffs as factor in inflation
  • deficit finance expenditures were necessary given emergency from pandemic
  • raising wages would be a natural way for employers to meet staffing shortages 
  • labor market is healing currently 
  • expects vast majority of markets in regions affected by Colonial outage will receive fuel through the weekend and into next week
  • User fees for an infrastructure plan would violate Biden’s pledge not to raise taxes on those making under $400,000 a year
  • Expects Republicans counterproposal on infrastructure by Tuesday (my guess is it will be miles from the President’s proposal). 

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