President Joe Biden’s economic advisor told CNBC that the White House didn’t miss “much at all” on inflation. This was despite the fact that inflation saw its fastest rise since December 1981 in June.
White House Council of Economic Advisers member Jared Bernstein made excuses for the inflation crisis on the June 13 edition of Squawk Box: “First of all, we’re having an inflationary story in every advanced economy in the globe, and in fact, inflation is historically elevated everywhere. So, it’s certainly not just one country’s fiscal or monetary policy.” Ah, so blame everyone else, right? CNBC host Andrew Sorkin, however, pushed him to take responsibility for the crisis: “What did the White House miss?” Bernstein answered that he and his team were “highly competent” at handling soaring inflation. “I don’t think the White House missed much at all” on inflation, he said.
It’s a wonder what Bernstein thought of Politico’s June 4 Playbook headlined: “[Treasury Secretary Janet] Yellen admits Biden got inflation wrong.”
He added that Biden is “as focused, laser-focused, as ever” on inflation but whined about America’s “very strong economic backdrop that sometimes gets lost in the mix in these discussions.”
The inflation rate soared to 8.6% in June. Egg prices jumped by 32.2 percent, while fuel rose a staggering 106.7 percent over the same period. Unadjusted, gasoline prices reached an all-time high of $5 in the US on June 11, for the first ever time.
Bernstein referenced the president and claimed that the economy will “settle from a breakneck pace of growth to one that’s more Stable and steady.”
Biden used some of the same wording in his widely panned May 30 commentary on inflation: “With the right policies, the U.S. can transition from recovery To steady, stable growth and bring down inflation without giving up all these historic gains.” [Emphasis added].
This is a great joke.
Bernstein repeatedly refused to accept blame for record high inflation: “The fact that we have a highly competent group here working to do this is extremely different than just trying to spin things and say who got right what at what time.”
When asked about predictions that the S&P 500 would “open in bear market,” Bernstein responded that “we don’t really, uh, pay too much attention to daily wiggles.”
Unfortunately, those predictions turned out to be more than just “daily wiggles.” The S&P 500 plummeted on June 13 to a new low for this year, “closing in bear market territory,” according to CNBC. That was not even the end of Biden’s year. congratulated himself on the stock market: “There have been so many records the stock market has hit under my presidency. Think about what it would be like if another guy were here. ‘We’re doing great. It’s wonderful. Stock market growth is phenomenal. It’s gone up higher under me than anybody.’”
.@POTUS: “There have been many records set by the stock exchange under my presidency. Think about what it would be like if another guy were here. ‘We’re doing great… The stock market continues to grow. I have seen it rise more than any other person. However, it doesn’t guarantee that the economic benefits are the greatest. pic.twitter.com/BSuZo1d2uM
— The Hill (@thehill) September 4, 2021
Conservatives being attacked. Contact ABC News at 818-460-7477, CBS News at 212-975-3247 and NBC News at 212-664-6192 and demand they hold Biden to account for America’s inflation crisis.
This post was last modified on June 14, 2022 4:00 pm
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