Charlottesville, VA (CVILLE RIGHT NOW) – In a recent discussion on inflation and economic policy, Dr. Edwin T. Burton, Professor of Economics at the University of Virginia, shared his insights into the state of the U.S. economy. Dr. Burton addressed concerns about inflation, noting that while the inflation rate is currently at 2.4%, it is still higher than the Federal Reserve’s target of 2%. “ The inflation rate is not as high as it was, but if you’re a shopper going to the stores, what that means is prices have inched up a little bit more ” he said, adding that this gradual increase is “really a small comfort” for shoppers. 

The conversation also touched on the controversial topic of rent control, a policy being debated at local levels. Dr. Burton expressed strong opposition, stating that “if you want less affordable housing in America, put rent controls everywhere,” and citing New York City as an example where such policies have led to skyrocketing rents for new tenants while benefiting wealthy individuals. He emphasized that these policies ultimately discourage developers from building more affordable housing. 

The discussion highlighted the complexities of balancing economic policies to address inflation and housing issues without undermining the free market, urging policymakers to consider long-term consequences. 

Listen here for the full conversation: