Cecilia Rouse, the White House’s top economic adviser, recently claimed that Americans are suffering from an economic crisis because Biden masterfully handled the COVID-19 epidemic.
Americans are up against ever-increasing costs in a market experiencing unprecedented inflation. However, Rouse said on CNN’s “New Day” this week, that the situation is actually a net benefit since addressing the epidemic effectively resulted in these economic problems.
The remarks came after Brianna Keilar, a CNN host, questioned Rouse about worries from some Democrats about Biden’s agenda. Specifically, Sen. Joe Manchin (D-W.Va.) and Larry Summers, a top economic adviser to Barack Obama and treasury secretary under Bill Clinton, have blamed Biden’s spending for the inflation problem.
“I’m wondering whether Larry Summers and Joe Manchin were correct about spending and inflation, looking back,” Keilar inquired.
Rouse responded that she was “not sure what the correct is,” but stated that the current economic problems in the United States are directly linked to the epidemic. When Keilar inquired once again, Rouse pointed a finger at an effective pandemic response.
“What we’ve seen is that all developed nations are attempting to manage inflation, and they’ve had historically high rates of inflation,” Rouse said. “That’s been the consequence of mounting an effective response to the epidemic because while we supported consumers and firms, our supply chains couldn’t keep up with demand.”
“We are not alone; all developed countries are dealing with this,” she emphasized. “This is a result of having an effective pandemic response strategy.”
Inflation has been heading in the wrong direction with each passing month.
Last month’s consumer price index climbed 8.3 percent over April 2021, according to the Bureau of Labor Statistics, suggesting that inflation is at a nearly 40-year high. The rise in prices exceeded the Dow Jones prediction of 8.1 percentage points and was somewhat lower than the March figure of 8.5%.
Americans should anticipate spending an additional $5,200 this year (or roughly $433 per month) than last year for the same consumption basket owing to inflation, according to Bloomberg.
