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The Last Word With Lawrence ODonnell

deflation. that's prices going back to a leveling where before. and of course a possible example right now is eggs, because that is something people really noticed when they went up. used cars went up a lot, they've come down the last couple of months. they've tipped the other way. so part one is housing prices same thing. part one, prices that went up really high are seen deflation, some price declines. more broadly, what we are seeing is inflation slowing. we expect that to keep flowing. housing prices should come in a little softer in the second half of the year. helping to an snarled supply chains. that was a really important priority of president biden, starting when he got into office. and that has helped to push down on goods inflation. we just saw some great work by acting secretary julie su out in the ports. that's really good in terms of keeping the side plains on snarled. that's going to start. the main thing is where you landed, which is we like to see

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The Last Word With Lawrence ODonnell

caper and, came the stock market, you'll note that the dow crossed 30,000 for the first time in history right after joe biden, the guy who doesn't brag much about the stock market at all, was elected. the white house won another economic victory this week. the confirmation of this man, the new chair of the council of economic advisors. a familiar face to viewers with this program. jared bernstein. there he is. real life. a new chair of the presidents council of economic advisers. i knew you when, jared. now you are a big important guy. >> we go way back. it is always a pleasure to talk to you and just really enjoy your introduction. you just took us through about one third of biden onyx in about 45 seconds. so thank you for that. >> well let's talk about where we are in this moment. we've got inflation at least in this part of the world coming down a little bit. it's still persistently high in some places, including in europe. there does seem to be technical recession in some parts of

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The Last Word With Lawrence ODonnell

so now we are actually seeing some real wage gains, wages outpacing inflation. that helps that virtuous cycle move along as well. >> let's have a small in very accessible economics discussion right now. obviously if wage gains outpace inflation, people are doing okay, because you're not losing money. but the dead has a target for inflation, a target a lot of people think is unusually low, the much of the world has gone to a slightly higher higher target, we should be okay with inflation, it's a little higher than what the fed wants it to be. but you can't change the rules in the middle of the game. we are at four and change percent inflation year after year, where should we be, and what should the american worker think of his success? then i get 4% raise and inflation is 3%? >> yeah, i think there are two ways to think about that. first of all, some of the prices that went way up are coming down, and that actually

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The Last Word With Lawrence ODonnell

wages outpacing inflation. but it has actually been the case on a monthly basis for the last six or seven months, and that has helped to fuel consumer spending and in his help to keep this economy moving in such a resilient fashion. what we saw in the last information report was the year over year gain, a slight gain, two tenths of a percent of wages over inflation so if you put all those dynamics together, prices spiked came down, this inflation, that means inflation growing more slowly month after month, we've had that for 11 months and in a row. we want to keep that going. and nominal wages beating inflation, that is real wage gains. i think that's the recipe for going forward. >> when you when i first started talking, you earn advisor to the then vice president joe biden's, what makes a lot of sense that you are where you are now. but one thing you and he have shared is that your both supporters of unionization. a piece of news crossed today that isn't all that surprising, that is cause for a bit of concern. the teamster have authorized a strike a u.p.s. on august 1st

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The Last Word With Lawrence ODonnell

infrastructure, clean energy, and education, we've never seen a president work so hard to rebuild our economy from the bottom up in the middle. out in 2020 union households backed biden in -- points over trump. biden has a rally with union members in philadelphia tomorrow capping off a week of winds in the economic arena for the white house. consumers are more optimistic about prices in the near future, which caused the fed to take a surprise pass this week on once again raising interest rates to try to lower inflation. it doesn't mean they're not gonna do it again. they didn't do it this week. unemployment has been at its lowest lever, under 4% long spirit of time. 15 months in 50 years. the debt limit drama resolve, the stock market is coming along, the dow jones is about 34, 000, not very far off its record high. if you remember all donalds calls to the campaign and his whole presidency and you think about for one k, if rohan,

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The Last Word With Lawrence ODonnell

europe. we've got remarkably low unemployment. we've got wages continuing to increase. where are we right now in this economy? >> i think what you just described is an important place to start which is this virtuous cycle of a tight labor market generating employment, employment generating wage growth, and that helping to spur, to fuel consumer spending. i noticed you mentioned retail sales from this week. that came in well ahead of expectations. and look, consumer spending in this country is close to 70% of gdp. and europe it's more like 55%. so with the american consumer has a strong labor market behind her, that virtuous cycle, that flywheel of gdp, is going to deliver. you mention inflation, which has, of course, been elevated. it actually is growing considerably less quickly here than in europe at this point, but probably more importantly it is down about five points from its peak, so it's slow down a great deal here.

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The Last Word With Lawrence ODonnell

has a strong labor market behind her, that virtuous cycle, that flywheel of gdp, is going to deliver. you mention inflation, which has, of course, been elevated. it actually is growing considerably less quickly here than in europe at this point, but probably more importantly it is down about five points from its peak, so it's slow down a great deal here. so now we are actually seeing some real wage gains, wages outpacing inflation. that helps that virtuous cycle move along as well. >> let's have a small in very accessible economics discussion right now. obviously if wage gains outpace inflation, people are doing okay, because you're not losing money. but the dead has a target for inflation, a target a lot of people think is unusually low, the much of the world has gone to a slightly higher higher target, we should be okay with inflation, it's a little higher than what the fed wants it to be. but you can't change the rules in the middle of the game. we are at four and change

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The Last Word With Lawrence ODonnell

percent inflation year after year, where should we be, and what should the american worker think of his success? then i get 4% raise and inflation is 3%? >> yeah, i think there are two ways to think about that. first of all, some of the prices that went way up are coming down, and that actually deflation. that's prices going back to a leveling where before. and of course a possible example right now is eggs, because that is something people really noticed when they went up. used cars went up a lot, they've come down the last couple of months. they've tipped the other way. so part one is housing prices same thing. part one, prices that went up really high are seen deflation, some price declines. more broadly, what we are seeing is inflation slowing. we expect that to keep flowing. housing prices should come in a little softer in the second half of the year. helping to an snarled supply

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The Last Word With Lawrence ODonnell

rebuild our economy from the bottom up in the middle. out in 2020 union households backed biden in -- points over trump. biden has a rally with union members in philadelphia tomorrow capping off a week of winds in the economic arena for the white house. consumers are more optimistic about prices in the near future, which caused the fed to take a surprise pass this week on once again raising interest rates to try to lower inflation. it doesn't mean they're not gonna do it again. they didn't do it this week. unemployment has been at its lowest lever, under 4% long spirit of time. 15 months in 50 years. the debt limit drama resolve, the stock market is coming along, the dow jones is about 34, 000, not very far off its record high. if you remember all donalds calls to the campaign and his whole presidency and you think

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The Last Word With Lawrence ODonnell

we've got inflation at least in this part of the world coming down a little bit. it's still persistently high in some places, including in europe. there does seem to be technical recession in some parts of europe. we've got remarkably low unemployment. we've got wages continuing to increase. where are we right now in this economy? >> i think what you just described is an important place to start which is this virtuous cycle of a tight labor market generating employment, employment generating wage growth, and that helping to spur, to fuel consumer spending. i noticed you mentioned retail sales from this week. that came in well ahead of expectations. and look, consumer spending in this country is close to 70% of gdp. and europe it's more like 55%. so with the american consumer

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