Psaki says 'no economist' is predicting higher inflation when pressed by NBC reporter
'We're going to see inflation of a kind we haven't seen in 30 years,' a former Obama economist recently said
Former Obama Economic Adviser Jason Furman discusses the economy trying to rebound from COVID, the Federal Reserve's handling of surging inflation and Obama's economic policy.
White House Press Secretary Jen Psaki rejected an NBC reporter's line of questioning on Monday about Americans’ economic concerns by arguing "no economist" is projecting higher inflation.
"Americans are seeing their dollars, their paychecks stretched right now," NBC's Peter Alexander said at Monday's White House press briefing. "Why should Americans not be concerned that injected another $1.57 trillion or more would raise inflation?"
"Because no economist out there is projecting that," Psaki replied.
Pork and beef products are displayed on a shelf at a Safeway store on October 04, 2021 in San Francisco, California. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan/Getty Images / Getty Images)
Her remark was despite several analysts, including former Obama economic adviser Larry Summers, saying recently on CNN, "We're going to see inflation of a kind we haven't seen in 30 years."
"The math suggests we're probably going to see somewhat higher readings over the next few months before they likely start to taper off," Minneapolis Federal Reserve Bank President Neel Kashkar similarly said on CBS' "Face the Nation" on Sunday.
Observers accused Psaki of spinning the dicey economic situation.
"There are too many economists to count who say trillions in new spending will only raise inflation further," Fox News contributor Joe Concha tweeted. "These PsakiBombs are beyond comical at this point."
A man fuels a car at a gas station in New York, on Oct. 13, 2021. (Photo by Xinhua via Getty Images) (Xinhua via Getty Images / Getty Images)
The consumer price index rose 6.2% year over year in October, according to the Department of Labor, the largest annual gain since November 1990, and prices rose 0.9% month over month.
President Joe Biden has said that his nearly $2 trillion-Build Back Better plan will help to stem the rise of inflation. But Republicans predict it will only exacerbate the crisis.
President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House, Monday, March 15, 2021, in Washington. (AP Photo/Patrick Semansky) (AP / AP Images)
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A recent Fox News survey found almost 9 in 10 voters worry about inflation. President Biden’s ratings on the economy have dropped 11 points among Democrats.