How Biden can afford to gaslight us when gas is this expensive I honestly don’t know
— Brad Polumbo 🇺🇸⚽️ 🏳️🌈 (@brad_polumbo) April 14, 2022
SPOILER: WE’LL GET BOTH. White House Expects More Inflation, Not Recession.
It was Summers, a former Treasury secretary under President Clinton and later a senior economic adviser to President Obama, who warned the White House for months last year that, no, inflation would not be temporary or transitory as they had hoped.
And he was right: the Consumer Price Index rose by 7.9% through February, the fastest annual increase in four decades. Eventually President Biden came around, announcing last month that addressing inflation would be his “top priority.” Now, ahead of new data to be released by the Labor Department Tuesday, the White House warns that inflation numbers will be “extraordinarily elevated.”
Given that Summers was right about inflation, does Biden believe the economist will be right about a recession? “That is not a projection we have made from here,” Jen Psaki told reporters in the briefing room Monday. “We believe,” added the White House press secretary, “that the economy is strong.”
They might actually believe this, which means the White House will keep us on a course that makes stagflation almost inevitable.
h/t SG