The former Council of Economic Advisers Acting Chairman Tyler Goodspeed joined Mornings with Maria on Thursday, saying that the Biden administration can do more to help our country get back on track, as inflation eats up wage gains for workers.
TYLER GOODSPEED: I'm not holding my breath. The Biden admin can do a lot of things. They can expand on the domestic energy production front. There is still a ton that they can do in terms of domestic energy production historically, and there was a very tight correlation between the price of West Texas Intermediate crude and oil rig counts in the United States. In the year 2021, that relationship broke down completely because of the fact that you would be drilling or installing new domestic energy production capacity in the United States? That is a regulatory burden.
I would be 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 they will make some of the marginal income tax rate reductions that were introduced in 2017 permanent so that we can incentivize higher labor force participation. That is something that the administration could do today. I'm not holding my breath that we're going to see any of those actions.