Jen Psaki: “Nobody” Could Have Predicted Current, Record Inflation

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During the daily briefing at the White House Monday afternoon, Press Secretary Jen Psaki claimed “nobody” could have predicted current, record inflation.

“As we look ahead to tomorrow’s inflation speech, let me ask you to look back at some of the warnings that were issued last year by Summers and Rattner and so on. In retrospect, were they right that some of the government policies were going to lead to inflation?” a reporter asked.

“I wouldn’t say we agreed with them then, and we don’t agree with them now. I would note that as a relates to actions like the American Rescue Plan, the alternative to not putting in place and advocating for the American Rescue Plan would have been the economy continuing to spiral. Right? We would — we were providing assistance and relief in the form of checks to people who needed that assistance at the time,” Psaki responded.

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Gas prices hit new all-time high as EU considers blocking Russian oil, Biden keeps restrictions
Gas prices hit a new all-time high on May 10, 2022, amid rising inflation and President Biden’s restrictions on oil and gas production.
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The White House has blamed Russian President Vladimir Putin for the record-high gas prices in the U.S., even coining the surge as the “#PutinPriceHike” and vowing that President Biden will do everything he can to shield Americans from “pain at the pump.”

Biden, last month, announced that the Environmental Protection Agency will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer. Biden has also moved to release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months. The president is also calling on Congress to make companies pay fees on idled oil wells and non-producing acres of federal lands, aiming to incentivize new production.

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h/t dr0i

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