Rising interest rates, a new recession, high unemployment, and much more economic uncertainty could be on the way. But what can you expect after such a turbulent past few years? The US took significant financial and monetary moves to prevent an economic collapse in 2020, but as a result, mistakes were made. In 2023, we’re paying for the economic “errors” of our past, and many of them haven’t even caught up to us yet.

Jason Furman, Harvard professor and former Director of the National Economic Council under President Obama, brings both optimism and realism to share. In Jason’s eyes, the “supply-based inflation” argument isn’t holding up, and something much more severe is causing prices to rise as rapidly as they are. So how do we get out of this bind? Jason shares the scenarios that would have to unfold for us not to end up in a recession or with higher interest rates, but reality foreshadows something much different.

When will we break out of this constant cycle of price hikes? What has to happen for the Fed to finally take its foot off the gas? Will today’s strong employment last, or do jobs need to be cut for the economy to recover? Stick around to hear these questions, and many more, answered by one of the world’s leading economists.

In This Episode We Cover

2023 economic forecasts from one of the world’s leading economists

The true cause of today’s rampant inflation and what could finally force it to stop

The “wage-price persistence” and why most people are wrong about price hikes 

Economic “errors” of 2020 and 2021 that we’ll be paying back for years to come

Rising rates and whether or not the Fed is really done with bumping basis points

Unemployment and how long today’s strong job market will actually last

Consequences of the US defaulting on its debt and the scary-enough odds that it could happen 

And So Much More!

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“Catastrophic” Consequences of the US Defaulting on Its Debt

The Fed Starts Playing “Mind Games” as Rates Rise, Home Prices Fall

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Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-106

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