White House trying to fight inflation is like having an ‘arsonist trying to shut out a fire,’ economist says

During an interview on FOX Business’ “Mornings with Maria” former White House Council of Economic Advisers Chair Tomas Philipson slammed the Biden administration for their attempt to fight inflation, comparing it to an “arsonist trying to shut out a fire.”

Former White House economist argued that the White House is “actually almost trying to increase inflation” on FOX Business’ “Mornings with Maria.”  ((AP Photo/Patrick Semansky) / AP Images)

TOMAS PHILIPSON: Getting the White House to fight inflation at this point is like having an arsonist trying to shut out a fire. So, I think the White House announced that it’s actually almost trying to increase inflation because he keeps talking about a couple of things. One is, making things more affordable for people. And the way he’s going to do that is through demand subsidies, you know, whether it’s child care, housing or even student loans. And then but those subsidies presumably raise prices as opposed to going after expanding supply and also reducing the money supply, which is really the big cause of this. 

…This oped today in The Wall Street Journal points out this glaring issue with the Keynesian economic part of the profession, that is called Keynesian economists, which believe that the government can time the business cycle. And this is Groundhog Day, again, where the government can time the business, it’s like forecasting a wedding on a sunny day. It’s too hard to do. You can’t forecast the weather. You can’t forecast the economy very well. Even the private sector on the street does a horrible job forecasting economy, let alone bureaucrats have less of an incentive to get it right. 

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WATCH THE FULL INTERVIEW HERE: