CBS’s Brennan Grills Biden Advisor on Wrong Inflation Predictions

On Sunday’sFace The Nation on CBS, anchor Margaret Brennan grilled Biden economic advisor Brian Deese on the administration’s failure to see inflation coming despite numerous warnings from economists from the left and right that injecting over six trillion dollars into the economy in the span of two years would send inflation soaring. 

Brennan went right out of the gate challenging Deese on the Biden administration’s first lie about inflation that it’s Putin’s fault for invading Ukraine: “from the beginning of the pandemic through now. As you can see, the tick up began a good year before the war in Ukraine began” Brennan said while putting a graph on the screen to show viewers how inflation began rising well before Russia invaded Ukraine.

Deese and Biden were then attacked by her for failing to see this coming in spite of numerous warnings. 

Numerous economists from the San Francisco Fed said that the huge fiscal spending and the $6 trillion spent in just two years only added to the problem. This includes, as you see, the $2 Trillion that was passed by the Biden Administration in the spring of 2021. When people see this, they think, “Well, we were told by the White House that inflation is temporary.” The White House told us we could go through with this kind of spending and we’d be fine. Even though Democrats from your own party warned that this could lead to inflation, How can you gain credibility and convince the public that this is not a mistake? 

Deese responded by blaming Putin again: “you just have to look around the world today to recognize that the two principal drivers of inflation are the pandemic and Putin” adding “we’re seeing this everywhere. It is a global phenomenon.”  

Inflation is a problem all around the globe this year. However, America has the highest rate of inflation because of reckless spending by the government during the pandemic. No matter what Deese or Biden say, this forty year high inflation rate was avoidable if the government didn’t inject trillions into the economy for no good reason. 

To read the relevant transcript click “expand”: 

CBS’s Face the Nation 
6/19/2022
Eastern, 11:05:21

MARGARET BRENNAN : For our audience, I will put up a chart showing inflation as measured by the Consumer Price Index. From the start of the pandemic to now. The ticking up started a year prior to the start of the conflict in Ukraine. Many economists, including those at the San Francisco Fed, have stated that the massive fiscal spending, which totalled $6 trillion over two years, did increase that figure, as well, with the $2 trillion the Biden administration passed in spring 2021. When people see this, they think, “Well, we were told by the White House that inflation is temporary.” The White House told us we could go through with this kind of spending and we’d be fine. Even though Democrats from your party warned that this could lead to inflation, How can you gain credibility and convince the public that this is not a mistake? 

BRIAN DEESE : You only have to take a look at the current world to see that Putin and the pandemic are two of the main drivers behind inflation. We’re seeing this everywhere. This is a worldwide phenomenon. As I mentioned, in the U.K., inflation’s hit 9 percent– 

BRENNAN – But that’s the thing you don’t have control over. I am referring to the things that you can control. 

DEESE: Absolutely.

BRENNAN – So, how can you regain that trust? 

DEESE says: We can gain credibility by focusing on what we control. This President is doing something. The President urged the world community to release oil from its strategic petroleum reserve. This historic move allowed for a quarter million barrels per day. This week, leading oil market analysts stated that this action alone was responsible for keeping the oil price from rising further. We’re going to take action, we’re gonna prioritize, we’re gonna make clear that tackling inflation is our top economic priority.