Former Council of Economic Advisers Acting Chairman Tyler Goodspeed joined "Mornings with Maria," Thursday, arguing that the Biden administration can do more to help our country to get back on track, as inflation "eats up" wage gains for workers.
TYLER GOODSPEED: I'm not holding my breath. There are things that [the Biden admin] can do. I mean, they can expand on the domestic energy production front. There [is] still a ton that they can do in terms of facilitating domestic energy production…historically, there was a very, very tight correlation between the price of West Texas Intermediate crude and oil rig counts in the United States. That relationship completely broke down in 2021 because why the heck would you be drilling or installing new domestic energy production capacity in the United States? Given that regulatory burden.
I would be signaling tax certainty by signaling to markets that we will extend some of the business tax provisions of the 2017 tax law. I would be signaling to households that we will make some of those marginal personal income tax rate reductions that were introduced in 2017 permanent so that we incentivize higher labor force participation. Those are all things that the administration could do today. But as I said, I'm not holding my breath that we're actually going to see any of those actions.
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