On Friday’s broadcast of Bloomberg’s “Surveillance,” co-host Jonathan Ferro responded to President Joe Biden acknowledging that the Inflation Reduction Act is misnamed “because it has less to do with reducing inflation” than it does with spurring growth by stating that Biden is admitting Republican complaints about the law were right and “I’m not sure the President wants actual questions” about the economy.
Ferro referenced President Joe Biden’s comments on the Inflation Reduction Act that he wishes he “hadn’t called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth.”
Ferro remarked, “Republicans could have written this for him. … [W]asn’t that the complaint on the other side of the aisle down in Washington before this got passed?”
Co-host Lisa Abramowicz responded, “So, everyone was saying it was called the Inflation Reduction Act to get it passed, because how can you vote against the Inflation Reduction Act at a time where you’ve got the fastest pace of inflation going back 40 years, who’s going to fight against bringing down inflation? And now people are wondering how much this is actually fueling some of the sustained growth that we’ve continued to see. Look, either way, he’s saying the quiet parts out loud, right? And the issue is, it is fueling some growth and he’s trying to now put the emphasis on that.”
Ferro then cut in to say, “He wants to own the growth because inflation is coming down.” Abramowicz agreed with that assessment.
Co-host Tom Keene then remarked, “I think the President could go on ‘Wall Street Week’ with Larry Summers. It would be interesting, the balance here between inflation and growth.”
Ferro responded, “I’m not sure the President wants actual questions at the moment, Tom. You know how that works.”
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