Top White House economic adviser Larry Kudlow applauded Rep. Alexandria Ocasio-Cortez Thursday for her questions to Federal Reserve Chairman Jerome Powell during a House hearing.
Speaking on “Fox & Friends,” the National Economic Council director pointed out that it was Ocasio-Cortez that asked Powell about the Phillips Curve, which theorizes that as the unemployment rate falls, wages rise and thus, inflation accelerates.
Ocasio-Cortez stated to Powell that the theory “is no longer describing what is happening in today’s economy,” and the chairman agreed.
“It was Ms. AOC who asked him about the Phillips Curve. Why is rising growth and employment and low unemployment bad? Why does that cause inflation and higher interest rates? And Jay Powell said, ‘Well you’re right. That thing hasn’t worked in decades.’ Now, I got to give her high marks for that. She got that out of the chairman,” Kudlow said.
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