In the CNN Newsroom on Tuesday, Cecilia Rose, chair of the White House Council of Economic Advisers, said the White House’s forecast for inflation was wrong and that it wouldn’t be a long-term issue because “what we understood about inflation at the time.” It was about the pandemic. We are still at the epicenter of this epidemic.” And because Russia’s invasion of Ukraine caused economic problems.
After playing clips of President Joe Biden predicting that inflation will be temporary in 2021 and Federal Reserve Chairman Jerome Powell predicting that inflation will not rise to serious levels, presenter Victor Blackwell said, “These expectations are clearly wrong. Will the White House admit that it has long been wrong?
“Look, that’s when we realized that inflation was linked to the pandemic,” Rose said. We are still at the epicenter of this epidemic. War between Russia and Ukraine [destabilized], not only gas prices and food prices, but also disruptive supply chains. We didn’t see Delta. We haven’t seen Omicron. So yes, there are unexpected problems that naturally intervene to bring us back to a balance that will help bring these prices down. But we are optimistic, forecasters expect inflation to decline in the coming months. That’s what the Fed expects. This is what external forecasters have been waiting for. So while our economy is picking up as Russia’s war against Ukraine, Russia has control to end it, we’re facing these issues, but it’s really important for Americans to understand what we’re getting into. [these] Hard times in an economy that has some flexibility to face some of these challenges. ”
Source: Breitbart
