Former Obama economic advisor Jason Furman admits inflation is much worse than thought
Professor of the practice of economic policy at Harvard University and the Harvard Kennedy School, Jason Furman, who served as an advisor under both former Presidents Barack Obama and Bill Clinton, warned that “the inflation we have is higher than we thought, it’s more stubborn than we thought."
Furman appeared for an interview on CNBC’s Closing Bell: Overtime on Friday where he discussed the future of the economy going into President Joe Biden's third year.
Furman stated that "Oil prices have come down, microchips are much more plentiful, schools are reopened, etc., etc. And yet, inflation hasn’t come down. So, I think the inflation we have is higher than we thought, it’s more stubborn than we thought. And a data-dependent Fed needs to take that into account."
This flies in the face of the narrative presented by the White House and the mainstream media.
If you believe President Biden's team, everything is fine, and the record-high inflation is of no consequence. However, the reality is that things have never been worse, and the bubble is bound to burst.
Furman later stated, "I don’t think you can get this inflation rate much lower than what we have now." So now all that remains to be seen is when the other shoe will finally drop.