Former Reagan economic adviser Art Laffer sounds the alarm on President Biden's economic and fiscal policies hurting the GDP and warns inflation will worsen without serious action.
ART LAFFER:
The Fed should, in fact, set interest rates to their own level. Price controls never work, and trying to fix the interest rate is not the right way to go. Let it go like Paul Volcker did. Left higher interest rates, make bonds attractive. Don'tto buy bonds to keep those rates low. Their balance sheet is already very close to $9 trillion, and that gives us a huge monetary base for allowing inflation to continue. And then you have the fiscal policy stimulating the economy.
. And they just are not taking these issues seriously to do the Draconian thing that must be done that Paul Volcker did and Reagan did, by the way, with the supply of goods.
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