Jason Furman, ex-Chairman of ex-President Barack Obama’s (D) White House Council of Economic Advisers and currently a Harvard Professor of something styled “Practice,” is all about the Biden-Harris reconciliation collection of policies known as Build Back Better.
He even wrote this in all seriousness in his piece in Tuesday’s Wall Street Journal:
Build Back Better would have a minuscule impact on inflation over the medium and long term.
Even were that true, though, in the short term where most of us live, especially the lower middle class and poor among us who live especially short-term—paycheck to paycheck—we’re facing not just inflation, which is a rate, but actual steady-state higher prices; higher prices which will last into Furman’s medium and long terms, and beyond.
Meanwhile, wages won’t rise fast enough to reduce those higher prices to the status quo ante‘s buying power any time soon, leaving our lower middle class and poor worse off in Furman’s medium and longer term, and beyond.
That wage rise, further, will be held back by Biden-Harris’ and Progressive-Democrats’ penchant for regulation, which will hinder the rise in productivity that’s necessary to facilitate wages’ rise.
Furman knows this full well; he’s one of the Smart Ones of the Left.