Jason Furman, a professor at Harvard who previously was chairman of the Council of Economic Advisers under Obama and on the National Economic Council under Clinton, said on Tuesday’s episode of CNBC’s “Squawk Box” that the issue of inflation won’t go away any time soon and that he doesn’t see it falling “much below 3% this year.” Without a severe recession, I don’t see it falling below that. Nothing about the January CPI gives him any comfort either, especially when you consider that the core inflation rate includes “certain special items that were helpful” that you can’t count on continuing.

“I believe the markets are just ludicrously naïve about the inflation picture right now,” Furman added. “When I check at swaps and tips, I find that their break-even inflation rates are also around 2%. I simply can’t see that. I don’t think we will have much inflation this year below 3%. Without a severe recession, I don’t see it falling below that. And nothing about this number makes me feel better. Compared to the previous narrative of one month ago, in which we thought inflation was declining and in which we thought it was accelerating from a low point, we now have core inflation this month at an annualized rate for January of 5.1%, even if you remove housing, which has lagged, along with used cars, the super core, you’re at an yearly rate of 4.3% for this month. That is a faster rate than the two-month average. And that is in conjunction with some unique assistance. We found more relief there than we had anticipated, and medical services also decreased. You cannot anticipate that these events will continue to occur. This means that I believe the inflation problem to be real, that I believe it won’t go away very soon, and that I believe anyone who is unduly composed about it makes me uncomfortable.”

Furman added, “Look, the inflation rate was 9%. It has been reduced to 6.4. A very high number, 6.4. The idea that 9% would endure was never entertained. Furthermore, most of us underestimated the level of inflation at this period by a significant margin (6%). It doesn’t make me feel better that it’s down from nine.”

President Joe Biden stated on Sunday that wealthy people and corporations are finally paying “their fair share,” despite the fact that he and his family are being investigated by House Republicans for laundering money, wire fraud, and tax evasion, and his son is under federal investigation for tax crimes.

“Look, I’m a capitalist. However, the wealthiest and largest firms must pay their fair share,” Biden said on Twitter.

Biden then signed the 2022 Inflation Reduction Act, which establishes a 15% minimum corporation tax rate. The legislation also includes funds for 87,000 more IRS agents.

“Thankfully, due to the measure I signed, billion-dollar corporations must now pay a minimum of 15% in taxes,” Biden remarked.

Biden’s remarks comes as the Biden family is being investigated by House Republicans for nine alleged offenses, including money laundering, wire fraud, and tax evasion.

Hunter is also being investigated by the Justice Department for tax and firearms offences. The investigation, which has been continuing for years and has been the subject of months of dispute among Justice Department officials, also focuses on the Biden family’s international business activities when Joe Biden was vice president.

“I want make myself clear: this is an investigation into Joe Biden,” declared House Oversight Committee Chair Rep. James Comer (R-KY) in November. “The Biden family’s financial connections involve a wide range of crime, from human trafficking to alleged constitutional offenses.”

“During the 218th Congress, our committee will assess Joe Biden’s connection with his family’s foreign partners, as well as whether he is a president who is compromised or influenced by foreign cash or pressure,” he stated.

Hunter and the US Treasury are using stonewalling techniques to undermine Comer’s investigations. Hunter declined to submit key records to the committee on Thursday, alleging a lack of “legitimate legislative and oversight basis.” Comer replied with hints of forcing testimony through subpoena.

The Treasury Department rebuffed the committee’s request in January to reveal 150 suspicious reports identified by US banks about Biden family business activities, prompting the committee’s chairman to threaten a subpoena.

“It’s no surprise that Hunter Biden is attempting to obstruct Congress’ scrutiny and conceal facts concerning Joe Biden’s involvement in his family’s suspicious business operations,” Jessica Collins, the committee’s communications director, said.

“The American people want openness and accountability, not political cover-ups,” she said. “The Oversight Committee will continue its oversight and use all available tools to acquire crucial evidence for our investigation and to influence legislative solutions.”

The “biggest tax relief package” in Florida history, as revealed by Governor Ron DeSantis (R), includes permanent sales tax savings on items including gas stoves, baby and toddler essentials, and more.

DeSantis briefly discussed Florida’s economic situation when speaking in Marion County, noting that Florida has no income tax and one of the lowest per capita tax rates in the nation, and vowed to “keep it that way.”

He praised the state’s top ranking in terms of the creation of new companies as well as the state’s enormous $22 billion surplus out of a $109 billion budget, adding, “We also have one of the smallest per capita debt burdens in the nation.”

“That’s a significant surplus. We’ve never had anything like that in the history of the state of Florida,” he remarked before outlining tax relief measures for Florida households in the coming months, many of which he outlined in last week’s budget release.

He listed several ongoing sales tax exemptions at the press conference on Wednesday. “One of the things that we are going to propose is a permanent tax exemption on all infant and toddler essentials, diapers, baby clothing, shoes, cribs, baby wipes, and strollers,” he added.

“Permanent sales tax exemption for gas stoves will be included in our permanent relief,” he stated, stressing that the Biden administration is trying to backtrack. “They’re attempting to remove your gas stove.”

DeSantis said that using a gas stove should remain a personal decision and claimed that elites “ultimately want to regulate the amount of energy you consume,” suggesting that this is part of their “ultimate goal.”

He said, “It doesn’t fly in the state of Florida, so we’re not going to allow that to happen here,” pointing out that the state continues to offer a tax break on all Energy Star appliances.

Over-the-counter medicines for pets will also be excluded from sales tax permanently.

DeSantis said that his plan would create additional one-year tax breaks for “essential products” including  children’s sporting gear, children’s literature, and kid-sized toys.

“We’ll keep our two-week disaster preparedness sales tax holiday going… We’re also — and I believe this is going to be really, very beneficial for everyone — household things under $25, like detergent, TP, and all that stuff, no sales tax for items less than $25 for one year,” DeSantis said.

DeSantis said that the state will continue the Freedom Summer tax holiday from the previous year:

“Additionally, we initiated the first-ever Freedom Week tax holiday this past summer. We wanted Floridians to enjoy the summer, so it included things like outdoor equipment tickets for things like festivals or museums or anything. We want to be able to supply that because it might get a bit heated. That was therefore well-liked, but only for a brief time. Therefore, we will extend the Freedom Summer tax break to 15 weeks during the course of the summer. As a result, you will save money this summer on outdoor recreation equipment and supplies. This will save Floridians a quarter-billion dollars this summer.”

According to the governor, the total amount of tax reduction would be close to $2 billion.