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Kashkari: Getting Your Covid Shots Keeps Economy Growing, Reduces Inflation

Minneapolis Federal Reserve Bank President Neel Kashkari told Face the Nation last Sunday that if you’re worried about keeping the economy open and growing, you’d better go get your shots:

JOHN DICKERSON: Let’s start with the Delta variant. What effect do you think it’s having on the economy?

KASHKARI: Well, it’s really- it’s creating a bunch of caution. Right now, we have seven to nine million Americans who are still out of work that we need to get back into the job market. We believe that they’re out of work because they’ve been nerve- nervous about COVID, because of childcare issues, because of these enhanced unemployment benefits. So I was very optimistic the fall would be a very strong labor market with many of those Americans coming back to work. That’s still my base-case scenario. But if people are nervous about the Delta variant, that could slow some of that labor market recovery and therefore be a drag on our economic recovery. So the sooner we can get people vaccinated, the sooner we can get Delta under control, the better off our economy is going to be [Neel Kashkari, interviewed by John Dickerson, CBS: Face the Nation, 2021.08.01].

Kashkari notes that our current inflation looks dramatic only because prices are bouncing back from declines last year; over a two-year period, Kashkari says “inflation is around 2.3 or 2.4%.” But if you’re really worried about inflation, again, you should be getting your shots to beat back the coronavirus delta variant and telling everyone else who participates in the supply chain to do the same:

JOHN DICKERSON: What is your feeling then about the CEO of Intel said because of the microchip shortage, things might not get to normal until 2023? This week, Anheuser-Busch said Budweiser is going to- is having trouble because of supply issues. Caterpillar, the heavy equipment manager, is worried about it. Procter and Gamble said they’re going to cost- it’s about $2 billion in additional costs. These are a lot of sectors-  the housing sector is having trouble because of supply issues. Those are a lot of different sectors that seem to be having issues with supply. Isn’t that an inflation worry?

KASHKARI: It is an inflationary worry, but I think in most of those cases, the expectation is those supply chain issues are going to get worked out. Remember a year ago we couldn’t get toilet paper. Now, if you go to the grocery store, the shelves are full of toilet paper. Lumber prices skyrocketed. Now they’re falling back down to earth. So these price increases are real. I’m not dismissing that. But a lot of the supply chain issues, I mean, this is the market at work as businesses are trying to work out their- their issues and become more efficient. And this is why it goes back to the virus as the Delta variant is spreading around the world, it’s creating issues all around the world in a lot of our global suppliers. So the more we can do to get control of the Delta variant, the more quickly we’re going to be able to resolve many of these supply chain issues [Kashkari/Dickerson, 2021.08.01].

Get your shots—it’s the economic thing to do!

17 Comments

  1. jerry 2021-08-06

    Fire those who do not vaccinate, simple as CNN. “CNN has fired three employees who were caught going into an office unvaccinated against COVID-19, according to a staff memo from network President Jeff Zucker.

    “Let me clear — we have a zero-tolerance policy on this,” Zucker warned in the email to employees shared on Twitter by CNN media reporter Oliver Darcy on Thursday.

    “You need to be vaccinated to come to the office,” Zucker continued. “And you need to be vaccinated to work in the field, with other employees, regardless of whether you enter an office or not.”

    There ya go. No jabby no worky.

  2. Joe 2021-08-06

    “The COVID States Project, a polling consortium out of Northeastern, Harvard, Rutgers and Northwestern universities, found in a June/July poll that 64 percent of Americans approved of the government requiring everyone to get a COVID-19 vaccine. All but three states (North Dakota, South Dakota and Wyoming) had a majority in favor of mandatory vaccines.

    That’s because, while there is a partisan divide over mandatory vaccines, a healthy share of Republicans actually do support them too. Morning Consult found that 38 percent of Republicans supported company-mandated vaccines, albeit with 49 percent opposed. And the COVID States Project found that 45 percent of Republicans supported even government-mandated vaccines for all. Of course, these numbers paled in comparison to support among Democrats: 76 percent in the Morning Consult poll (with 15 percent opposed), 84 percent in the COVID States Project poll.”

    https://fivethirtyeight.com/features/americans-are-in-favor-of-vaccine-mandates-but-support-is-driven-mainly-by-those-who-have-already-gotten-the-jab/

  3. grudznick 2021-08-06

    grudznick is a healthy share of Republicans all by myself. Jab those unvaccinated fellows where they sit!

  4. Mark Anderson 2021-08-06

    For the unvaccinated wouldn’t it be easy for insurance companies not to pay for anything? Just a question.

  5. Mark Anderson 2021-08-06

    I’ve also read that you can’t collect unemployment if your fired for not getting your shot. Sticks will work better than carrots.

  6. John Dale 2021-08-06

    No vax for me, thanks. Doing just fine in my fox hole by myself.

    Hospitalizations are mostly vaccinated people in Australia and Israel.

    Hypothetically, if these shots are designed to kill people .. the NASA/Nazi/Ubermench/Paperclip crowd must feel like the walls are closing in at 30%.

    What will they do to prevent action against them?

    False flag (killing young black people)?

    Bombing?

    Mass shooting?

    What if there is no civil war that comes of this, we have a way to neutralize robot dogs, and the next round of weaponized critters find their way into autoclaves?

    This is .. just not very fun for anyone.

    Even the pharma-paths.

  7. Mark Anderson 2021-08-06

    Why of course it’s fun reading your mind numbing gibberish John. Do you think before you write or does all just flow down into the stool of your fingers?

  8. Cory Allen Heidelberger Post author | 2021-08-06

    John D, sitting in fox holes all by ourselves is exactly what drags down the economy. Kashkari’s analysis and guidance remain unrefuted: if everyone gets the coronavirus vaccine, we’ll crush all of covid’s variants, ensure that workers can safely report to factories and distributors running at full strength to iron out our supply chain kinks, and ensure that consumers can go out in full strength to stores, restaurants, and other venues to keep the economy out of recession.

  9. jerry 2021-08-06

    John Dale has been vaccinated with his two shots, just like his boy Tucker Carlson and his main gal, NOem. Dude fools no one. Wouldn’t know a foxhole from his own, you fill in the blanks________

  10. John 2021-08-06

    The morons lost a big one in Arkansas – judge says the school mask mandate ban, “cannot be enforced in any shape, fashion or form,” Fox said during Friday’s hearing.

    Some school districts and parents brought the law suit.

    ” Officials from the Marion School District filed one of the suits. The district has more than 900 students and a dozen staff members in quarantine due to positive Covid-19 cases during the first two weeks of school.

    Forty-seven students and eight staff members tested positive for Covid-19 this week alone, causing the jump in students needing to be quarantined. An additional 54 students and five staff members were able to avoid quarantine because they are vaccinated.”

    https://www.cnn.com/2021/08/06/us/arkansas-judge-blocks-law-banning-school-mask-mandates/index.html

    The anti-vaxers, anti-maskers like kristi palin are trumpian beyond stupid.

    Here’s a clip from a jeered idiot’s protest at Mt. Rushmore.
    https://www.reddit.com/r/PublicFreakout/comments/oyuhfy/antivax_flat_earther_talking_nonsense_on_a/

  11. jerry 2021-08-06

    John, that idiot’s perp walk made my day. Thanks man

  12. mike from iowa 2021-08-07

    NYT (paywall) reports higher insurance costs coming for those who don’t vaccinate. Good. hit them were it hurts.

  13. Porter Lansing 2021-08-07

    Every week John Dale tells us how proud he is of himself for not being vacinnated.
    Sun Tzu cautions against extolling your good fortune/luck.
    Sun Tzu was wise.
    In contrast, John Dale is foolhardy.

  14. jerry 2021-08-07

    Mr. Lansing, John Dale is vaccinated with the two shots. I’m not sure what vaccine he took, but he took it indeed. John Dale just loves the attention.

  15. John 2021-08-08

    “The Republicans Treated COVID as a Bioweapon. Then it turned against them.”
    COVID does not discriminate; unlike the republicants.

    Republicants and their faux “news” are the “spiritual heirs of Lord Jeffery Amherst, the British military commander who in 1763 wrote to an underling, “Could it not be contrived to send the Small Pox among those disaffected tribes of Indians?””

    https://www.theguardian.com/commentisfree/2021/aug/07/republicans-treated-covid-like-bioweapon-turned-against-them

    Get your shots.

  16. John 2021-08-09

    “On the 6th of January 1777, George Washington wrote to Dr. William Shippen, Jr. ordering him to inoculate all the troops that came through Philadelphia.” – recounted by Morton Overbye

    Adult up and get your shots.

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