Biden Economic Adviser: Americans Will Experience Some Inflation

Contact Your Elected Officials
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.

Was Texas Storm Manmade?

Another โ€œ1-in-100 yearsโ€ weather event in Kerr County happened next to a Texas designated โ€œWeather Modification Map of Rain-Enhancement Projects in Texasโ€.

The America Party Will Harm Democrats The Most

Elon Musk formed the America Party after an X poll asking his followers if they wanted โ€œindependence from the two-party system!

Democrats Exhibit the Dunning-Kruger Effect (DKE)

โ€œThe Dunning-Kruger effect is a cognitive bias where people with low ability at a task overestimate their competence, while those with high ability underestimate their competence.

250 Countdown

Those 56 intrepid men who signed put their very lives, honor and fortunes on the line. There was no auto-quill to accommodate their signatures.ย 

How the Senate Parliamentarian Changed the OBBB

An unelected bureaucrat does a important job in the U.S. Senate. Elizabeth MacDonough enforces senate rules on Trumpโ€™s โ€œOne Big Beautiful Billโ€.

Trial Begins Over Trump Adminโ€™s Deportations of Pro-Palestinian Students

A trial over President Trumpโ€™s attempts to deport pro-Palestinian activists began on July 7 with attorneys debating free speech.

Man Killed After Opening Fire at Border Patrol Facility in Texas

27-year-old man armed with a rifle was killed after opening fire outside Border Patrol facility in McAllen, TX, prompting shootout with feds and local police.

California Rejects Federal Push to End Transgender Participation in School Sports

CA education officials are refusing to end policies allowing transgender students to participate in school sports consistent with their gender identities.

Amazon Prime Day Set to Lift US Online Sales by $23.8 Billion

Online spending in the United States is expected to surge by $23.8 billion during Amazonโ€™s expanded Prime Day event from July 8 to July 11.

Trump to Extend Tariff Deadline to Aug. 1, Keep Rates at 10 Percent During Talks

White House press secretary Karoline Leavitt told reporters that Trump will sign the order to move the deadline to Aug. 1 from its current date of July 9.

DOJ, FBI Find Epstein Committed Suicide, Had No โ€˜Client Listโ€™

Jeffrey Epstein committed suicide and had no โ€œclient list,โ€ according to the Department of Justice (DOJ) and the FBI.

National Weather Service Fully Staffed During Deadly Texas Flooding: White House

White House press sec. Karoline Leavitt told reporters that the National Weather Service had a full staff on hand to handle the Central Texas flooding.

US Removes Terrorist Designation for Al Qaeda Affiliate in Syria

The State Department has removed from its list of foreign terrorist organizations Al Qaedaโ€™s affiliate in Syria, Jabhat al-Nusra.
spot_img

Related Articles