i am more interested in people like jason furman, and i would go to the vice chairman, particularly if q&a. that will be fascinating. jonathan: we get the q&a in about 15 minutes. jason, your view on how the federal reserve will talk about this when we hear from the vice chair? what would you anticipate them to say off the back of this data? jason: we expect them to make very little in the way of adjustments. i would expect them to emphasize the transitory from the targets of this like used cars. i would love to see them tilt towards concern about inflation, but i think they will be doing more to explain this away than express any concerns. jonathan: i have to run. i will catch up with krishna memani later and then subadra rajappa as well in about 15 minutes. tom: that dialogue will continue through the morning. if you're joining us, a shock in inflation. because of this report, we had eight or nine things to speak with jason furman about, always interesting, but we have to stay on price change. jason furman, let's do a history lesson of the shop. i went back to 1990. neil dutta talks

trillion, we have three obama officials slamming biden's policies gina mccarthy, larry summers and jason furman, what do you say that. >> i believe i'm going to say this but i'm in total agreement with the former obama administration official, the biden presidency has been hijacked by nancy pelosi's far left wing of the democrat party. what they say is true his economic policy right now is breaking his promise not to raise taxes, he's going to raise taxes it's affecting everyday americans at the gas station, grocery store groceries are up over 20% sugar is up over 50% you want to build a house or a

three obama officials slamming biden's policies, gina mccarthy, larry summers and jason furman.hat do you think of that. >> i agree that biden administration has been hijacked by the nancy pelosi, far left-wing of the democratic party. what they're saying is true, the economic policies is breaking promise not to raise taxes. it is all going to raise taxes. it affects everyday americans, at gas station, grocery store. groceries are up 20%. sugar up 50%. you want to build a house, lumber is up over 300% right

but may be that they don't believe larry summers and jason furman.ay be the advisers in this white house are of a distinctly more left wing view. i don't think they're doing this because they want to placate the left. they're doing it because this is what they want to achieve. there's this smug conversation going on where look, joe biden is more transformational than even barack obama was. i do think that is an expression of what -- the white house is not doing this because they think it gains them points with aoc and bernie. they're doing it because they want to do it. that means it ain't going to get better quickly. they're not going to make a u turn around start being more reasonable and rationale. we're likely to see more of this as the months go on. >> charles: let me ask you about the vote with liz cheney now out of leadership in the house. your thoughts on that. >> well, we're -- the republicans are in the middle of a civil war and civil wars never end well. this is one where i don't think either side is going to come out looking like a winner

any economist from the right or left -- >> charles: by the way, i invite you to read a piece by jason furman, president obama's top economic guy, on what is really going on with respect to women. we don't have time for that. real quick -- >> i'll like to a guy named jason to find out who is going on with women. >> charles: at some point will this have a deleterious impact on the economy? >> the best elixir, the best medicine for the economy is for the government to get out of the way and let small businesses, big businesses, local businesses to operate as they should. if this economy is that great, let them do it. why get involved? >> charles: we have to leave it there. jason furman is a guy. a woman worked on the report as well. the neighbors does change no matter who is crunching them. u.s. major cities adds to violent crime sprees and it comes going up. another deadly weekend. what is really driving this and how? how do we stop it? we have former nypd commissioner here. and it's been three weeks and we'll see if it working getting rid of the unemployment benefits. governor gioforte is her

look at this we have obama's top economist jason furman. he is now at harvard.e coauthored a study paying people not to work with bigger unemployment benefits could be keeping people from getting a job. also the threat of getting covid at work so that, jason furman, obama's top economist saying that too. >> clear as day to a business person like me. this is exactly the wrong policy to extend unemployment plus stop unemployment through september, means small and medium-sized businesses are competing with the federal government to get employees back to work. the larger employees, are poaching employees from the smaller companies. a flood of people coming across the border. the small employers do i hire somebody under the table or let myself go out of business. it's a tough situation all around and biden policies are creating this. elizabeth: it is interesting, final point is that the taxpayers are running away from the exact same policies that biden team wants to enact. they're running away from it at the state level. but these are the policies that they're trying

jason furman, thank you. >> thank you >>> tight range for markets as the s&p 500 hovers around 4200 let'sn geneva a statement says they'll discuss pressing issues as the u.s. tries to restore predictability and stability to the relationship >>> before sitting down with palestinian president today, secretary of state anthony blinken started his middle east tour by meeting with the israeli prime minister, benjamin netanyahu. with the cease fire in place, blinken is promising to rally international support to help gaza recover from the 11 -day war between israel and hamas >> we know we have to use the space created to address a larger set of underlying issues and challenges and that begins with tackling the grave humanitarian in gaza and starting to rebuild. we're working with all to ensure that hamas does not benefit from the reconstruction assistance. >>> the u.s. is on track to hit a major milestone in the fight against covid. when the cdc updates the numbers later today, they're expected to show 50% of all adults are fully vaccinated >>> local officials say a tornado touched down in seld

jason furman is going to join us , former chairman of the council of x and imac -- council of economic to get his response to that report. jonathan: it is wednesday, and we have some inflation data. call it whatever you like. equity features down 16 on the s&p 500, down 0.4%. your yield unchanged on the 10 year. in the commodity market, wti has a $62 handle. heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. the white house is facing rising pressure over gasoline shortages caused by the shutdown of that giant pipeline. help is needed to bring fuel to areas mostly supplied by the pipeline. gas stations ran dry. meanwhile, the international energy agency is saying that supply created by the pandemic has been cleared. the iea does see one temporary setback, demand has been hurt due to the recessions of covid in india. french officials want to prevent british financial firms from gaining access to the european single market, trying to pressure the british government into honoring its post-brexit commitment

wall street is talking about inflation stocks, but look at this we have obama's top economist jason furman-authored a study this is pain people not to work with bigger ntunappointed benefits could kep people from getting a job and the threat of getting covid at work. that is jason obama's top economist saying that. >> is clear as day to a business person like me, this is exactly the wrong policy to extend unemployment and plus stop on employment through september means small to medium-size businesses are competing against the federal government to get these employees to come back to work the larger employers what their doing is pushing the employees from smaller companies and then what's happening we have a flood of people coming across the southern border the small employers are thinking do i hire 70 under the table or do i let myself go out of business, it's a tough situation allll the way around in the biden policies are creating this. liz: it is interesting, a final point, the taxpayers are running away from the exact same policies the biden team wants to enact, the running away at the

parts of the equity market that derated as a result of higher rates. >> let me throw a question to jason furmanan nfib survey that showed 42% of owners of small businesses had a hard time finding anybody who would show up for the job openings job openings couldn't be filled. 91% who are hiring are trying to hire fewer or not qualified applicants for the positions they were trying to fill why do you think that is >> this is a labor market that is 10 million jobs short of where it should be, but unlike the normal shortages that we have, i think this is just as much about a shortage of labor supply as it is about a shortage of labor demand. we have job openings at record levels we have workers voting for their confidence in labor markets with near record levels of quits. if you look at april, it appears that there were about 1.1 unemployed workers for every job opening. so there are a lot of jobs out th there, there just still is not enough labor supply. there also is not enough labor demand so the hope over the next coming months as the economy continues to reopen, as the vaccines succeed and wor

betsey: jason furman and melissa kerning was another co-author -- they took a look at the data and saidot look like five tears holding back the economy. mothers are only 12% of the labor force. even if mothers were really struggling they are still small share. it is a different answer than i think you are hearing from a lot of people, which is there is a lot of openings but nobody is sure what kind of job they want to go into now. what we saw is a great reshuffling and it will take people a while to figure out what they're going to. things have changed. you used to work in retail and you never thought about it as a dangerous job. you did not think you are going into the coal mine. retail ends up being kind of dangerous. the same is true with working in hospitality. i think a lot of people are trying to figure out what their next step will be. a lot of businesses are trying to figure out what the next step will be. when you're only seeing 256,000 new jobs added, you cannot blame that all on workers. they are not 8 million people sitting at home saying i do not feel like working. lisa: it

liz: jason furman obama's top economist at harvard did a study with other individuals and experts who and more jobless benefits because you're not going to get the job growth in g the time ofa pandemic when people don't want to go into work. let's watch gina mccarthy with her interview with actio's, watch this. >> we had 22 million jobs that have actuallyn been empty becaue of this pandemic and now is not the time to sit them down and say let's talk about climate how can you sacrifice, it is never going to be a winning strategy, right now it's ridiculous, the president recognizes that climate change is a problem and he recognizes that getting there doesn't mean you think about growing jobs, means you do. liz: never going to be a winning strategy, it's ridiculous, this is a pushback against biden, john kerry, jennifer granholm, they said people with oil and gas jobs you can go code this is in the middle of a pandemic, reality got check. >> it makes a lot of sense, it's hard for me too tell what is in the green new deal in the green infrastructure part of biden's proposals, the infrastr

trillion, we have three obama officials slamming biden's policies gina mccarthy, larry summers and jason furmane i'm going to say this but i'm in total agreement with the former obama administration official, the biden presidency has been hijacked by nancy pelosi's far left wing of the democrat party. what they say is true his economic policy right now is breaking his promise not to raise taxes, he's going to raise taxes it's affecting everyday americans at the gas station, grocery store groceries are up over 20% sugar is up over 50% you want to build a house or a piece of property number is up over 300% the cost of inflation we feel it in our pocketbooks. liz: we have democrat larry summers obama former treasury secretary, to your point he says inflation is here 7.5% annualized, that is big that the tax on the middle class he is saying democrats could lose because inflation led to the election of former president richard nixon in 1968 and former president ronald reagan in 1980, isn't that big of a threat right now. >> is a huge threat and i see comparisons between former presidentde jimmy cart

charles: what do you make though, listen, you've had people like larry summers, jason furman, well-knownort of chided president biden about this. what do you make then of the administration just overlooking what you just said, what they have said and just going -- it seems like obviously it would make aoc happy but, what do you think is driving this? >> our politicians have found out that it is an easy way to get people to support you when you promise them government goodies, a short term sugar high when you keep spending. but the consequences, the long-term consequences are going to be devastating and future generations will pay off this debt. it will result in a worse job market, a weaker dollar. really a bad, a bad economy we're probably looking at. charles: kristen, because i agree with what you said but we've come a long way from a chicken to every pot. congratulations on the your new role, communications director for ron fine running for governor. he said never let the government dictate your life. you should decide you should get a vaccine. you should decide if you're going to sta

i was going to say, larry summers, former treasury secretary, gina mccarthy, jason furman we don't liker policies. listen to this. >> this year we'll be 30 trillion-dollar in debt that is on top of 21, 22 trillion-dollar economy. we're at dangerous levels. elizabeth: okay, so he is saying dangerous levels but you know what we're hearing sir? senate democrats, they're real lay mad that senator mitch mcconnell wants to basically kill the capital riots commission via potentially a filibuster. they will try to get rid of the filibuster to ram through all of the spending. what do you say to that? >> well they're going to do something that will have irreversible consequences. it is not just about the examination they want to create. it is not just about the budget they budget they want to push through, slamly, pickup through, it is really about the long-term taught fur of the political environment in washington. it will be a disaster. i hope there will be folks, several democrats they will rue the day when they do. this maybe they will have some better judgment. goodness, i hope so. right now

three obama officials slamming biden's policies, gina mccarthy, larry summers and jason furman.administration has been hijacked by the nancy pelosi, far left-wing of the democratic party. what they're saying is true, the economic policies is breaking promise not to raise taxes. it is all going to raise taxes. it affects everyday americans, at gas station, grocery store. groceries are up 20%. sugar up 50%. you want to build a house, lumber is up over 300% right now. the cost of inflation we're starting to feel it in our pocketbooks. elizabeth: so we have democrat larry summers, he is obama's former treasury secretary, to your point, he is saying inflation is here. first quarter it is 7 1/2% annualized. that is big. that is a tax on the middle class. he is saying democrats could lose because inflation fueled, led to the elections of former president richard nixon in 1968 and former president ronald reagan in 1980. is that, is it that big of a threat right now? >> i think it's a huge threat. i do see comparisons between former president jimmy carter and president joe biden. i think

it made sense to me but three people, jason furman, melissa carney, william powell took a look at the. indeed the fraction of the particular population, men, women, particular ages, education, if you look at the comparison between those with and without kids, those with kids are working more. that is news. it suggests not as big of a deal i somehow suspected, others thought. you have to look for other factors. one of the big factors just staring at us 37% of american workers will make more on ui then they will back on their other job. that is a lot of people. we have to get everyone back to work as quickly as possible. charles: yeah. you ended the piece by saying we'll see these 20 some odd states taking it back in couple months we'll have a real life example of whether or not that thesis was right. i'm going to bet it was, douglas, like you are mostly all the time are as well. appreciate it my friend. talk to you real soon. so when the market is getting hammered, you have three choices head for the hills, have a safe haven, buy the dip. you know which one i love. president biden is h

laughter] we know that larry summers, former treasury secretary under obama, juneau mccarthy, even jason furman we don't like your policies. let's listen to senator ron johnson. listen to this.ja >> i mean, by the end of this fiscal year we'll be about $30 trillion in debt, and that's on top of t a roughly $21 is, 22 trillion economy. we're at dangerous levels. elizabeth: okay. so he's saying dangerous levels, but you know what we're hearing, sir? senate democrats, they're the really mad that senator mitch mcconnell wants to basically kill the capital riot commission via potentially a filibuster, and they're going to try to get rid of the filibuster to ram through all of this spending. what do you say to that? >>o well, they're going to do something that'll have you are reversibleno consequences. and it's not just about the commission they want to create, and it's not just about the budget they want to try to push through, slam through, punch through. it's really about the long-term future off the political environment in washington. i think it's a disaster. and i hope there's going to be olsom

so jason furman, who was obama's top economist, he is now at harvard, did a study, mark, with other individualse to stay at home with bigger and jobless benefits because you will not get the job growth at a time of a pandemic when people don't want to go into work. let's watch gina mccarthy with the interview with "axios." watch this. >> we have had 22 million jobs that have actually been empty because of this pandemic and now is not the time to sit them down say, let's talk about climate, how can you sacrifice? it is just, it is never going to be a winning strategy. right now it is ridiculous. you know the president recognizes that climate change is a problem and he also recognizes that getting there doesn't mean you don't think about growing jobs, it means you do. elizabeth: never going to be a winning strategy right now. it's ridiculous. this is pushback against biden, against john kerry, against general jennifer granholm said they can quit the oil and gas jobs and go code. what do you say? >> it makes a lot of sense. hard for me to tell what exactly is in the green new deal and the green in

business owners in new york city, matt shea, president and ceo of the national retail federation, and jason furman house council of economic advisers under president obama. ellison, to you first, these businesses have completely changed the way they did business over the last year. are they ready to go back? i think ellison doesn't hear us. >> hey, stephanie, i'm not sure -- losing my sound in my ears but i think your question had to do with whether or not business owners are ready for this new normal, if you will. they're certainly ready to talk about it. this is a restaurant that has 14 locations across the gulf coast and even as mask mandates changed locally, they were still requiring their servers to wear face masks, especially as they were interacting with customers at tables, but now the owner of this, he says they're going to reassess that. >> that's something we're going to look at and look at it very, very hard. we'll probably talk to some of our customers. i know our employees are ready to be rid of the masks. as long as our customers feel good about it, and i know they will, that will b

larry summers, questioning whether we may be overdoing it and then there are other people like jason furmanomes to mind who are saying it's important to allow the possibility that we might be overdoing it. we might overheat the economy and think about how we would react if that were to happen. this is an active debate, we're going to hear about it all year, the major story in economics, because at the end of the day, we don't know what happens next, this is a totally unprecedented experience and we're basically running this grand fiscal experiment. i don't think anyone has clear answers to that. >> we're going to have to learn along the way. jeanna and phil, grateful for the reporting and insights out of the president's remarks. >>> the latest covid numbers and pfizer takes a step that might reduce vaccine hesitancy. >>> as we go to break, creative ways people across the united states are getting vaccinated. >>> in alaska, where workers are delivering vaccine to deep sea fishermen, using a contraption called a man basket. a bucket suspended in the air that swings from one ship to a neighbor

let's bring in our panel, steve moore, former adviser to president trump and jason furman, former obama. welcome to you. jason, are you concerned about inflation? simple question. >> oh, i think there's a reason to be concerned about inflation. it's a high class problem though because the reason we're concerned is people have a lot of money. we're going to be continuing to create a lot of jobs. >> sandra: hi class problem, steve. so do you agree, steve? >> well, not so much. i think the problem, jason, is that the higher prices that people are paying now are at the gas pump and grocery stores to get the renovations done on their home. all of these things are like a tax on middle class workers. it reduces the real value of the paycheck. i got to tell you, when i go to the grocery store now or the gas pump, people are angry about how much they're paying. >> sandra: jason, the point is, even if people have more money in their pockets, if the price of everything at the same time continues to go up, is it really benefitting the american family as much as hoped? senate eric scott thinks infla

professor of business and economics in manhattan and jason furman is the former obama economic council professor. all right, the two of you, but your brain together. are we seeing the right messaging coming from this white house? brian, i will start with you first, it seems that in one sense the white house talks about the importance of these pipelines and any other this is a nonissue, but yet you got gas prices doing this, you can put it up on the screen, gas prices now a month ago, a year ago, this clearly had an impact and drove prices up to what is now about $3 as the national average. >> i think what people really want is they want their political leaders and so-called experts to understand and reflect reality back to people, if people are feeling pain at the pump, if they are seeing prices go up they want leaders who recognize that. the problem right now is you of the administration with a severe case of tunnel vision. on the one hand, it's obvious that pipelines are critical infrastructure, on the other hand the administration is talking about electric vehicles today and not tal

for instance, president biden's former chief economic advisor, jason furman, admitted if he were in a low unemployment state -- these are his quotes, thinking seriously about whether paying people more not to work than to work was a good thing to continue doing. end of quote. this is the case in iowa, which has an unemployment rate of 3.7%. that's low even in normal times, but it should be even lower as iowa has more job openings than unemployed people. i stand firmly behind governor reynolds who recently announced that iowa would end its participation in the counterproductive enhanceed unemployment program and that will be effective june 12. president biden talks about the government creating jobs by spending trillions of borrowed dollars all while spending more borrowed money to pay people not to work. now that fails the commonsense test. in iowa, the private sector is already creating more jobs than we can fill. the economy is poised to take off if the government just gets out of the way. politicians should live by the same principle as doctors, first do no harm. we shouldn't conti