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March 02, 2023

Henry Burke

Blog Post Economic PolicyExecutive BranchFederal ReserveFinancial RegulationLarry Summers

Workers Beware: Biden’s Potential Fed Pick Prescribes Unemployment & Reduced Social Security Benefits

Karen Dynan has been reported as one of a few economists on Biden’s shortlist to replace Lael Brainard on the Federal Reserve Board of Governors. While her proponents have highlighted the Harvard-trained economist’s perfect centrist resume, her recent statements on how best to tackle inflation should concern workers and their allies. And this blithe analysis concerning unemployment should come as no surprise – Dynan, like Biden’s foils in the GOP, believes cuts to Social Security benefits are likely.