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The Latest Breaking News from Jason Furman

Spending Recklessly in Good Times Is a Recipe for Disaster in Bad Times

Years ago, when interest rates were low, calls for the federal government to exercise fiscal restraint were dismissed. That was unwise.

Reason

Israel’s war against Hamas roils Harvard as students, billionaires, and faculty accuse each other of anti-Semitism and McCarthyism

An Israeli billionaire resigned from the board of Harvard’s Kennedy School of Government after a student group’s letter “held the Israeli regime” accountable for the recent terrorist attacks.

Fortune

US CEOs urge Harvard to name students in groups behind letter blaming Israel for Hamas attacks

Several chief executives called for names to be made public so that they, and others, could know not to hire the students

The Guardian - US

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In 'Bidenomics,' Congress delivered a once-in-generation investment — with political promise, peril

There are so many dots on the maps they blur into blobs – each one reflecting trillions of public and private dollars flowing in the U.S. in a nationwide investment

The Independent UK

Former Treasury Secretary Summers Criticizes IRS Provisions In Debt Ceiling Agreement

Summers opposes IRS funding cuts in debt ceiling deal, warns of future deficits and tax cheats' advantage.

Zenger

Top Obama economist says we should abolish the debt limit as the current political 'brinksmanship' hurts the economy

The Harvard professor has argued since 2017 that the debt ceiling no longer helps restrain the national debt as intended.

Fortune

What you need to know about the debt ceiling as the deadline looms

What is the debt ceiling? What could happen if it's not raised? Here are answers to questions you may be asking about the debt limit and the fight over it.

WEKU

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U.S. inflation is hard to whip. Here's why.

For the first time in decades, the long-term forces shaping the world economy look inflationary.

Axios

Harvard economist says more interest rate hikes could be coming after a strong jobs report

Yet another strong jobs report is pushing some economists to say the economy could weather more Fed interest rate hikes.

Fortune

Harvard economist Jason Furman says the Fed shouldn’t flinch in its inflation fight—unless the ‘turmoil spreads within the financial system’

We haven’t learned anything “particularly reassuring in the last three and a half weeks” about inflation even amid the banking crisis, Furman told CNBC.

Fortune

Inflation Isn't Going Away

Prices rose by 0.4 percent in February and core inflation was up 0.5 percent, the third consecutive month that it has increased.

Reason

Top Obama economist has a 3-point plan to prevent more bank failures

SVB’s collapse is dangerous to a stable financial system, and a blueprint of what banking should not do.

Fortune

Avoiding the ‘B-word’: is the US response to SVB’s collapse a bailout?

Given the antipathy towards Wall Street bailouts in the 2008 crisis, Biden is at pains to stress that ‘no losses’ will be borne by taxpayers

The Guardian - US

Wages Are Rising for Low-Skill Workers, Driving Down Poverty and Inequality

Plus: "Flipping the proverbial bird is a God-given" right, administrative state abuses, and more...

Reason

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The Independent UK

Inflation pressures put Powell in spotlight before Congress

When Federal Reserve Chair Jerome Powell last appeared before Congress, in June 2022, inflation had reached a four-decade high of nearly 9% and showed no sign of easing

Tribune News Service

Powell’s debt-limit alarm echoes stealth lobbying effort in 2011

In the worst political showdown over the U.S. debt limit to date, a little-known former Treasury official in 2011 helped convince lawmakers that raising the ceiling was the only option. He’s back at it now, but from a much higher perch: chair of the Federal Reserve.

Tribune News Service

Biden faces GOP debt showdown with bitter memory of 2011 crisis

WASHINGTON — Joe Biden was there in 2011 when Democrats tried to negotiate the type of broad deficit-reduction plan that GOP lawmakers are once again demanding as a condition of raising the federal debt ceiling.

Fortune

Harvard economist Jason Furman warns the U.S. economy could be headed for an ‘incomplete hard landing’. Here's what that means

Furman says a "soft landing" isn't the most likely outcome for the U.S. economy. Rising wages are creating a nightmare for the Fed that will lead to something much worse.

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Reason

Don't Bet on Inflation Going Away Soon

"The history of developed countries since 1970 is very discouraging about the prospects of bringing down 8 percent inflation," says Larry Summers.

The Independent UK

Biden preaches patience to voters spooked by economic tumult

When it comes to reassuring Americans about an economy that's an election-year challenge to his party, President Joe Biden is telling the country to hold on

Salon

Can Larry Summers please shut up now?

Former Harvard president has been playing inflation Cassandra on TV for months. Can we hear other views?

Reason

Expected Interest Rate Hike Will Add $2 Trillion to the Deficit

So much for the idea that low interest rates meant the government could borrow endlessly with no consequences.

WEKU

A deal to avert a rail strike is on track, but it won't fix U.S. supply chain issues

Supply chain disruptions have eased since the height of the pandemic, but concern over a potential rail strike, which appears to have been narrowly averted, highlights how that system remains fragile.

Reason

The Biden Administration Is Taking From the Poor and Giving to the Rich

From student debt cancellation to green subsidies, the White House is giving handouts paid for by hardworking lower-wage Americans.

Los Angeles Times

Biden will cancel $10,000 of student debt for many borrowers

WASHINGTON — President Joe Biden announced Wednesday that he is canceling $10,000 in student debt for individuals earning less than $125,000 annually and extending a pause on loan repayments for all borrowers through the end of the year.

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