Brooks: White House ‘Too Upbeat’ on ‘Truly Terrible’ Inflation

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Ian Hanchett 30 Jul 2022

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks said that inflation is “truly terrible” and the Biden White House “is being too gentle about talking about it, too upbeat” in its rhetoric about inflation. He also said that while other areas of the economy are positive, “the historical record is not good” and “it’s very hard” for the Federal Reserve to bring inflation under control with a “soft landing” that avoids an economic downturn, and this indicates that things might get “bumpier and much more unpleasant for the American people.”

Brooks stated, “Well, it’s complicated. … But inflation is terrible, truly terrible. And I think the White House is being too gentle about talking about it, too upbeat in talking about it. On the other hand, labor markets are quite good, productivity, corporate profits, the stock market’s beginning to kick up, gas prices are coming down. And a post-COVID…slowdown looks very different. The problem is, it’s very hard for the Fed to bring down inflation in a way that’s a soft landing. It’s — the historical record is not good here. So, we may see something bumpier and much more unpleasant for the American people.”

https://www.breitbart.com/clips/2022/07/30/brooks-white-house-too-upbeat-on-truly-terrible-inflation/

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Brooks: Reconciliation Bill Does ‘Raise Taxes to Pay for Spending’ and Manchin Had ‘Intellectual Awakening’ on That

Ian Hanchett 30 Jul 2022

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks stated that he believes that Sen. Joe Manchin (D-WV) had “an intellectual awakening” where he realized that the idea that spending on climate change is inflationary “was just economically wrong” because “if you raise taxes to pay for spending, it’s not going to increase inflation” and that this change of mind caused Manchin to come around to support the reconciliation bill he agreed to earlier in the week with Senate Majority Leader Sen. Chuck Schumer (D-NY).

Brooks said, “I think one of the things that turned his mind was the realization that his idea that this was an inflationary bill was just economically wrong, that, if you raise taxes to pay for spending, it’s not going to increase inflation. And so, I think he had a bit of an intellectual awakening. But it shows all the members of the Senate — and we pay too much attention [to] leadership — that if — in a 50/50 body, one person, any one person who’s willing to take the heat has enormous power. And Manchin is willing to take the heat, and at least so far, has exercised enormous power.”

https://www.breitbart.com/clips/2022/07/30/brooks-reconciliation-bill-does-raise-taxes-to-pay-for-spending-and-manchin-had-intellectual-awakening-on-that/