>> mr. zandy, welcome back to the pack. >> thanks, pedro. >> where he minds people what your role is in it. >> well, it's a part of the moody's corporation, which also includes the rating industry but it works in providing support to financials around the world and the economies matter and the institutions and that's where i come in helping the companies and institutions trying to understand where the economy is headed in the risk they face because of the economy's performance. >> youom developed a new term called slow session, can you describe thatbe synergy home >> 2023 going into 2024 will be tough and not pushing as high and raising interest rates aggressively to try and quell the raise in wage prices and getting back down to feeling comfortable and under that environment by the economy struggling, but we have a reasonably good chance, fighting chance of getting through the next year or so without actual recession. recession is a broad based across lots of industries persistent of more than a

mr. zandi do you agree? >> i would focus on the supply side here in the immediate future. and did you think that tax incentives that are mentioned in my remarks would be particularly effective in the near term. low income housing tax credit, neighborhood home investment act tax credits, new market tax credits. again these are things, the infrastructure for getting that capital out into the market place is already there, it's well functioning. the administration is making tweaks to these programs to make the more effective. congress is passing legislation or proposing legislation to make them more effective. >> thank you for your testimony. >> thank you. >> and thank you, doctor. >> thank you very much. the gentleman from georgia, mr. scott, who's also the chair of the house agricultural committee is now recognized for five minutes. >> thank you very, very much, chair lady. about ten years ago the u.s. department of housing and urban development estimated that we in congress needed to spend $26

mr. zandi, go ahead. guest: i appreciate the perspective. one area where i think we can agree on, it sounds like we agree on the debt limit, that is great. that would be catastrophic for everyone. i do think if we implement fiscal policy, that means government spending policy, tax policy, and lawmakers do anything that would increase spending above that already in the budget or cut taxes below anything already in the budget, i think that does need to be paid for. we cannot increase the size of our deficits, we need to bring them in. i agree if we are not more fiscally prudent, that will be a problem. i do not think the issue right now -- we provided a lot of support during the pandemic, that was, in my view, necessary. every country on the planet did roughly the same thing. the government is there for us when we are in crisis, the pandemic was a crisis. here we are today on the other side of this, we did borrow a lot of money. we do need to be fiscally prudent going forward. if we come up with a new package of increased spending for whatever

i was going to mention, when you asked mr. zandiled in about the price of gas and groceries and things like that. he really sidestepped the second part of the question when you said groceries, because we have a hard time looking at 9% inflation or 60.1% cpi. i purchased a dozen eggs it is $7.19. i keep receipts from a year ago, a year ago a dozen eggs was $1.89. where's the 7.9 inflation? when you're looking at coffee, one of the supermarket chains says here's the everyday low price, a 16 ounce can of coffee at $9.99, where's the six-point night inflation? your guest -- 6.9 inflation? not to say he is full of crop like the other person said, but he sidestepped what his people in the pocketbook. it is hard to say we have 3.9% unemployment and inflation when gas is gone down, groceries have not. what congress needs to take a look at is the price of groceries versus price gouging. i bought a share of stock in the four major grocery companies in the country, their profits during this time are astronomical. astronomical. what i see is in