Former economic advisor to the Obama administration Jason Furman criticized anti-price gouging bills being pushed by Democrats in Congress as “pretty gimmicky,” saying they likely won't impact consumers feeling the squeeze from high inflation.
Furman said that while President Biden’s American Rescue Plan has helped the U.S. economy recover faster than any other economy, it is also partly responsible for our"incredibly high inflation.""I wished at the time that he would – he did something smaller. I think it was larger than it needed to be, but it was good that something happened."
Furman placed blame on the Federal Reserve for"a bunch of mistakes" after Biden’s plan was signed into law in March 2021. "[The Fed] was behind the curve for most of last year," Furman said."It kept thinking the inflation was transitory, it kept not moving to normalize rates, and now you add on top of that President Putin's invasion of Ukraine, and that's like the cherry on top of this terrible concoction we already had.
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