Psaki Confronted, Claims ‘No Economist’ Is Predicting Higher Inflation From Massive Spending Bill
White House Press Secretary Jen Psaki, when pressed by a reporter over concerns about inflation, says “no economist” is projecting it to go higher.
“Americans are seeing their dollars, their paychecks stretched right now,” NBC reporter Peter Alexander said at a White House press briefing on Monday. “Why should Americans not be concerned that injecting another $1.57 trillion or more would further raise inflation?”
Psaki replied that actual knowledgeable people like economists don’t share the same concerns as the average American.
“Because no economist out there is projecting that this will have a negative impact on inflation,” she replied.
NBC’s Peter Alexander: “Americans are seeing their dollars, their paychecks stretched right now. Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?”
Psaki: “B/c no economist out there is projecting that[.]”
Um, wut? pic.twitter.com/Cz4vcguSvs
— Curtis Houck (@CurtisHouck) November 15, 2021
Psaki Says ‘No Economist’ Predicting Higher Inflation
Psaki’s claim that “no economist” is predicting higher inflation seems to be focusing on the effect of the massive spending bills being pushed by the White House specifically.
In an interview Monday with CNN anchor Wolf Blitzer, Psaki suggested the spending spree would actually help combat inflation.
“Economists across the board will say this will actually help reduce inflation, address inflation over the long term,” she said.
“Inflation is always and everywhere a monetary phenomenon.”–Milton Friedman ?https://t.co/JcdcE4dubd
— Glenn Jacobs (@GlennJacobsTN) November 15, 2021
The New York Times recently reported that economists do believe in part that inflation could be reduced in the long run by the spending measures. At best, that’s absurd.
But, in the here and now, as Americans feel the pinch at the grocery store and the gas pump, it will make matters worse.
“Many researchers, including a forecasting firm that Mr. Biden often cites to support the economic benefits of his proposals, say the bill is structured in a way that could add to inflation next year, before prices have had time to cool off,” they write.
The Times openly wonders if the pain caused by inflation will be worth the benefits that may or may not arrive down the road.
Former Fed Chairman Larry Summers warns of inflation “unseen in 30 years” pic.twitter.com/1jQ4ZM3Bvv
— The Post Millennial (@TPostMillennial) November 14, 2021
Inflation Is Good For You
Psaki is, of course, the same White House press secretary who peddled the laughable claim that $3.5 trillion in new spending would cost absolutely nothing.
“What we’re talking about is how much the top-line investments are, which are all paid for, so therefore it costs zero,” she said last month. “No matter what the size or the cost of the top-line investments are, we have ways to pay for it.”
— Tim Graham (@TimJGraham) October 4, 2021
Like the “no economists” claim, Psaki’s “costs zero” tale is equally wrong.
Even the mainstream media, which likes to aid the administration in peddling spin, has evolved on the inflation aspect. They still run spin for the White House, but the sugarcoating has eventually led to a backhanded admission that inflation is real.
Fast forward to September when Forbes had begun reporting that “inflation can be a good thing.”
The Media’s coverage of #Bidenflation:
1. Inflation isn’t happening.
2. Inflation is just transitory.
3. Inflation isn’t Biden’s fault.
4. Inflation is a good thing.
— Donald Trump Jr. (@DonaldJTrumpJr) November 8, 2021
We went from ‘don’t worry about it’ to ‘actually, it’s good for you’ in fairly short order.
An MSNBC columnist tried to drive home that same message recently.
The media’s been in lock-step, too. In a since-deleted tweet several days ago, MSNBC promoted an opinion piece by journalist James Surowiecki.
“Why the inflation we’re seeing now is a good thing,” MSNBC claimed, echoing yet another coastal elite’s disdain for working Americans. pic.twitter.com/PPuPy09UQy
— John Cooper (@thejcoop) November 15, 2021
If Psaki can find “no economist” who thinks inflation is a growing problem, she need only contact former Obama economic adviser Larry Summers who said, “We’re going to see inflation of a kind we haven’t seen in 30 years.”
An Associated Press report last week says the indicators are still present.
“Inflation at the wholesale level rose 8.6% last month from a year earlier, matching September’s record annual gain and offering more evidence that inflationary pressures are not yet easing,” they wrote.
The White House meanwhile has also claimed inflation concerns need not arise since wages have increased during the pandemic.
MSNBC anchor Stephanie Ruhle suggested it is a “dirty secret” that Americans can afford expensive groceries due to inflation because they saved money by not going out during the COVID pandemic.
Inflation airhead: NBC’s Stephanie Ruhle says the “dirty little secret” of people complaining about paying higher prices for food and fuel for their homes is they can afford it just fine. According to her, people should have been saving during the pandemic and stocks look good. pic.twitter.com/RQ90focIXJ
— Nicholas Fondacaro (@NickFondacaro) November 14, 2021
CNBC to the contrary concludes that “inflation has taken away all the wage gains for workers and then some.”
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