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Former Obama Economic Council Chairman Jason Furman discusses inflation hitting a 40-year high.

Former Obama Economic Council Chairman Jason Furman joined "Cavuto: Coast to Coast," Wednesday, arguing that the U.S. threw "every log on the fire at once," which caused red-hot inflation.

JASON FURMAN: I'm someone that believes in a low unemployment rate. I like the idea of running the economy hot. But boy, did we throw every log on the fire at oncealmost start to burn the house down, and that's not a good way to go about it.

Jason Furman argues on FOX Business that Americans are seeing terrible inflation. (istock / iStock)

It's hard to see how we go from where we are right now, which is 500,000 jobs a month and very strong demand to a recessionthe thing the Fed is trying to do is cool down demand right now. There's so much extra demand out there that there's a lot of room to do that without causing a recessionI'm not super bearish on the economy in that respect. I'm just more worried about what the inflation means for people's real wages.

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Former Obama Economic Council Chairman Jason Furman argues that the U.S. threw every log on fire at once, which caused red-hot inflation.

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Red-hot inflation caused by US throwing every log on fire at once, former Obama economist warns - Fox Business