Austan Goolsbee on tax policy
From Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last?| People I (Mostly) Admire | 61 · · Freakonomics Radio Network
“I've been of the view that cutting taxes for high income people in an environment where the forces in the economy are already leading to massive increases in income and wealth at the top doesn't make sense to me and I think the evidence shows that those tax cuts kind of were nonsense the claims that they would generate growth that they would pay for themselves.”
On , Austan Goolsbee, President at Federal Reserve Bank of Chicago, spoke about tax policy during Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last?| People I (Mostly) Admire | 61 on Freakonomics Radio Network.
About Austan Goolsbee
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, has expressed growing concern about inflation, stating that the U.S. has been above the Fed’s 2% target for five years and that progress has stalled and is now deteriorating. He noted that inflation is rising in categories beyond tariffs and oil, such as services, and said he is less optimistic about disinflation progress. Goolsbee dissented against a rate cut at the Fed’s last meeting of the previous year, saying it felt too early to cut rates without assurance that inflation is returning to target. He described the job market as stable but not good, with hiring, layoff, and vacancy rates holding steady. On artificial intelligence, Goolsbee said it will be “massively transformational” and happen fast, but he does not expect rapid job losses, citing industries where AI’s current error rate is unacceptable. He warned that if AI-driven productivity gains are hyped before they materialize, the economy could overheat in the short run. Goolsbee also said he is interested in seeing what incoming Fed Chair Kevin Warsh proposes on monetary policy and the balance sheet, and he noted that the Fed’s ample-reserves regime corresponds with a larger balance sheet than in the past.