Gapen: Household Spending Remains Strong

The transcript discusses economic data revisions, challenges in measuring GDP and GDI, and the debate on controlling inflation without affecting employment. It analyzes labor market dynamics, economic growth, and the impact of student loan debt relief on the US economy. The discussion also covers education costs and future economic policies.

What is one of the main challenges in measuring GDP and GDI accurately?

• The size of the economy

• The number of economists

• The lack of data

• The precision of instruments

What is a debated question among economists regarding inflation control?

• Can inflation be controlled without increasing taxes?

• Can inflation be controlled without increasing interest rates?

• Can inflation be controlled without affecting employment?

• Can inflation be controlled without reducing government spending?

What is a potential consequence of overshooting in hiring post-pandemic?

• Decreased consumer spending

• A rise in unemployment rates

• Increased productivity

• Higher inflation

What is the main concern regarding the student loan debt relief announced by President Biden?

• It will decrease disposable income

• It may not have a substantial impact on the overall economy

• It is a permanent solution

• It will significantly boost the economy

What is a long-term concern related to declining college enrollment?

• Higher unemployment rates

• Reduced productive capacity of the economy

• Lower inflation

• Increased government spending