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).