Economic Adviser: Biden Hasn’t “Missed Much At All” on Inflation

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During CNBC’s “Squawk Box.,” Jared Bernstein, a member of President Biden’s Council of Economic Advisers, said Monday that he doesn’t believe the White House “missed much” on inflation.

That’s not from the Babylon Bee. So, if you can’t pay your heating bill, afford food, or fill up your gas tank, take comfort in Biden hasn’t missed much.

Perhaps he needs new economic advisers.

Bernstein emphasized that Biden has made inflation his top economic priority and said: “that there’s always something we can do.”

MAYBE HE MISSED THIS

Inflation hit 8.6% in May, climbing to another 40-year high, Fox News reports.

Bernstein said Russian President Vladimir Putin’s war in Ukraine “very much exacerbated” the cost of goods. He added that no one knew Putin would invade Ukraine nor that the coronavirus would have variants like Delta and Omicron, Breitbart reported.

Inflation was well on its way pre-Putin. He is responsible for shuttered businesses. He and his party spent wildly and want to continue to do so. Team Biden is destroying the oil and gas industry for unprovable pie-in-the-sky ideological notions.

The Biden administration hyper-aggressively pushed companies to lock down and fire unvaccinated employees.

The sanctions he is pushing on Russia only hurt the West. Russia is making more money on oil and gas than ever. Team Biden did that.

The stock market is down since Joe Biden has come into office and it’s increasingly volatile.

Faced with rising chances of aggressive monetary tightening by the Federal Reserve, investors broadly unloaded risk. The S&P 500 slumped 3.9% as 495 of its 500 components ended the day lower.

The declines left the U.S. stock benchmark down more than 20% from its January record, sending it into a bear market for the first time since 2020, according to the Wall Street Journal.

Global investors sold stocks, bonds, and other assets, as inflation is running high in many countries, supply chains remain snarled and forecasts for economic growth are being downgraded.

Stock markets in Asia closed deep in the red, with Japan’s benchmark Nikkei 225 index dropping 3 percent and South Korea’s Kospi plunging 3.5 percent.

In Hong Kong, shares fell by 3.4 percent while an index for China’s biggest companies that are listed in Hong Kong fell 3.6 percent. Japan’s yen fell to a 24-year low versus the U.S. dollar, the New York Times reports.

Team Biden is ruining the global economy with sanctions and warmongering. They won’t take responsibility and have no backpedal. They just keep saying Biden did everything possible.


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