White House Economists Confirms Everyone’s Fears
(AmericanProsperity.com) – Data from the Bureau of Labor Statistics shows that inflation in America has officially reached 9.1%, a 40-year high. When Americans first voiced concern for the rising inflation, the White House claimed it was “transitory.” However, now the administration’s top economist, Jared Bernstein, is admitting that isn’t the case.
— New York Post (@nypost) July 19, 2022
During the July 18 White House press conference, Washington Post reporter Ashley Parker asked the Council of Economic Advisers member what made officials realize their use of the term “transitory” was “politically problematic” and not accurate. Bernstein noted he believes it had to do with “periodicity,” which he claimed was an economic term.
The chief economist noted the problem lay with the “ambiguity” surrounding the length of the word. Bernstein explained that when the administration used the term, many people thought that it meant weeks or months, whereas others, namely economists, expected longer periods. He added the “lack of specificity” led to the implication that inflation was temporary. Bernstein asserted that President Biden has made dealing with inflation a top priority of the administration.
Bernstein also touched on the possibility of a recession, claiming the data isn’t consistent with past recessions, and therefore he didn’t believe one was on the horizon. White House officials have, on several occasions, claimed inflation was temporary and that it wouldn’t go any higher, yet it has surged over the course of Biden’s tenure.
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