ALEC on NewsNet TV: Whole lot of flaws in POTUS plan to reduce inflation
We're staring down the barrel of a very ugly scenario with the national economy
Tuesday, May 31st 2022
ALEC Executive Vice President of Policy Jonathan Williams was featured in a NewsNet TV story about President Biden’s plan to reduce inflation.
The Biden administration is describing a “transition” with changes at the Federal Reserve and a new focus on combating inflation. The president laid out a three part plan to halt the problem. We spoke with an economist who is critical of the administration’s ideas.
Jonathan Williams, who is the Chief Economist with the American Legislative Exchange Council, sees there are flaws with the three-part plan.
“There’s a whole lot of flaws. It’s the President’s new plan, because it’s a lot of the same things that have been causing the massive problem that we have with the economy right now when it comes to this toxic mix inflation that was 40 or 50 year high of inflation with loss of economic growth. So we’re staring down the barrel, very ugly scenario with the national economy,” he said.
Williams sees signs of 1970s-era “stagflation” that haunted President Jimmy Carter.
“Almost everything that’s being talked about would not only not solve this scenario would actually make it much much worse by making America less competitive. And by adding more fuel to the fire when it comes to federal spending that’s fueling this inflation problem that we have,” the economist added.