Kevin Hassett, an economist who previously advised Republican presidential campaigns, has shifted his policy views to align with President Trump's agenda, raising questions about his potential nomination as Federal Reserve chair. Hassett, once a proponent of free trade and increased immigration, now supports tariffs and claims deportations benefit the labor market, a stark contrast to his earlier stances.
As director of President Trump's National Economic Council, Hassett's views have evolved significantly. He previously advocated for classic conservative economic principles during his time as a scholar at the American Enterprise Institute. This transformation has surprised many who have known him for years.
Hassett's support for tariffs contradicts his previous belief in free trade as a path to national prosperity. He now asserts that tariffs have minimal impact on consumer prices, a claim disputed by many economists. Furthermore, his stance on immigration has also changed.
"When foreign-born workers depart, then it creates jobs for people who are native-born," Hassett said on CBS's "Face the Nation" this month. He explained that many who left the labor force were illegal immigrants. "Instead of having, you know, basically illegal people come in and take jobs away from native-born Americans at low wages, we're seeing people re-enter the labor force at high wages."
These statements reflect a departure from his earlier advocacy for increased immigration, which he believed was beneficial for the economy. The shift in Hassett's policy positions coincides with his role in the Trump administration, leading to speculation that he has adapted his views to align with the president's policies.
The potential nomination of Hassett as Federal Reserve chair raises concerns about the independence of the central bank. Critics argue that his willingness to alter his economic views to suit the administration's agenda could compromise his ability to make impartial decisions regarding monetary policy. The selection process for the next Fed chair is ongoing, and Hassett remains a potential contender.
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