Biden Economic Adviser: Americans Will Experience Some Inflation

The Epoch Times

White House official on Sunday said the administration expects to see some โ€œtransitory inflationโ€ as the United States emerges from the COVID-19 pandemic.

Speaking to Fox News, Council of Economic Advisers chair Cecilia Rouse was asked about whether the trillions of dollars in new and proposed spending will lead to inflation.

โ€œThese are very serious concerns, and we know that coming out of an extremely deep recession that there are going to be bumps along the way. We expect that there is going to be supply chain disruptions. That will cause some transitory increases in prices,โ€ Rouse responded.

There have been fears that with the considerable amount of spending, starting with last yearโ€™s CARES Act stimulus package and subsequent packages, higher inflation wonโ€™t be transitory.

โ€œWhen we get to the other side of this pandemic, I fully expect that our labor market will come back and be flourishing. That said, we do expect some transitory price increases,โ€ Rouse said. โ€œThe Fed expects that as well. We do not see evidence at the moment that those have become what we call de-anchored so that we expect runaway inflation. That said, we know we have to be vigilant, and we are watching the data. We expect, at the most, transitory inflation. That is what we expect coming out of a big recession.โ€

Meanwhile, Treasury Secretary Janet Yellen echoed her sentiments in a โ€œMeet the Pressโ€ interview, also broadcast Sunday. The reason why, she said, is because it is spread out over years.

โ€œI donโ€™t believe that inflation will be an issue. But if it becomes an issue, we have tools to address it,โ€ Yellen, the former Federal Reserve chair, said in the interview. โ€œItโ€™s spread out quite evenly over eight to 10 years. So, the boost to demand is moderate,โ€ she said of the proposed spending.

Yellen and Rouse made their comments after President Joe Biden revealed his latest policy item, proposing a combination of $1.8 trillion in spending and tax credits on provisions including paid family leave, child care, and education. That would be added to the nearly $2.3 trillion proposal on infrastructureโ€”as well as the $5 trillion in pandemic stimulus plans that were passed by Congress.

Republicans have balked at the price tags for the bills.

โ€œThe amount of spending for roads and bridges is so slow and split over 50 states over five years. Youโ€™re not getting your bridge,โ€ Sen. Bill Cassidy (R-La.) told โ€œFox News Sunday,โ€ referring to what he tells his voters of the infrastructure package.

โ€œIf you want to fix roads and bridges, come where Republicans already are,โ€ Cassidy told host Chris Wallace. โ€œIf youโ€™re talking about spending hundreds of billions of dollars on public-sector unions, weโ€™re far apart.โ€

BY JACK PHILLIPS

Read Original Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Why States Are Pausing Cage-Free Mandates During Bird Flu Crisis

As U.S. continues a protracted battle with bird flu, some states are temporarily rolling back laws governing how egg-laying hens are housed.

Shifting Gears 2025

That grinding you hear is the sound of the Democrat party hopelessly stuck in first gear while Trump and Republicans zoom ahead of them in overdrive.

More Proof, the Democratic Party is Imploding!

Jason Pizzo, the leading Democrat in the Florida Senate announced his departure from the Democratic Party saying he sees the party as dead in Florida.

American Psychiatric Association vs. MAHA: Shots Fired

When Trump formed the MAHA Commission, the parameters were so reasonable that it was hard to imagine how the biomedical establishment could object.

Evaluating Foreign Affairsโ€™ Warning About The Risks Of An Emboldened & Remilitarized Germany

Foreign Affairs warned earlier this month that an emboldened...

News

US Attorney General Releases Details on New Mexico Judgeโ€™s Arrest

AG Pam Bondi provided details about former NM judgeโ€™s arrest for allegedly allowing an illegal immigrant and suspected TdA gang member to live at his residence.

Thousands of Illegal Immigrants Have Registered on CBP Home App to Self-Deport, CBP Says

DHS said thousands of illegal immigrants registered on CBP Home app to self-deport, and those who have not yet done so will face consequences.

5 Things We Know About Wisconsin Judgeโ€™s Arrest for Allegedly Obstructing ICE

Court papers detail Judge Hannah Dugan was arrested for allowing an illegal immigrant to escape through a jury door before arrest by federal officials.

ICE Backtracks on Revoking More Than 1,200 Student Visas

ICE reversed decision to automatically revoke student visas, after State Dept said it would use AI to review foreign studentsโ€™ records for criminal activity or arrests.

Court Ruling Limits Ozempic Copies in Favor of FDA, Novo Nordisk

Federal court ruled against trade group representing compounding pharmacies, siding with FDA and Novo Nordisk in dispute over copies of Ozempic and Wegovy.

Judge Blocks Removal of Potential Deportees From Texas District

Federal judge temporarily restrained Trump admin from removing individuals from Southern District of Texas in attempt to deport Venezuelan gang members under the Alien Enemies Act.

Former Rep. George Santos Sentenced to More Than 7 Years in Prison

Former Rep. George Santos (R-N.Y.) was sentenced on April 25 to more than 7 years in federal prison on wire fraud and aggravated identity theft charges.

FBI Arrests Wisconsin Judge Hannah Dugan Over Obstructing, Kash Patel Says

FBI arrested a Milwaukee County, Wisconsin, circuit judge for allegedly assisting an illegal immigrant in evading arrest, FBI Director Kash Patel said.
spot_img

Related Articles