Think our leaders are taking inflation seriously? Think again; they’re either insouciant beyond belief or so foolish that they actually believe the nonsense dribbling out of their mouths, either of which is worrisome and a major problem for America as the Bidenflation crisis ramps up and gets even worse.
And, as the press secretary for the Biden White House and the merry gang of either incompetent or insouciant leftists within it, no one spews more nonsense than Jen “Peppermint Patty/Circle Back” Psaki.
She, when asked about inflation, had no good answer, and the response she eventually got to was worse than if she’d just said that Team Biden was doing nothing at all. Watch her here:
Jen Psaki cites pausing student loan payments as a strategy that Joe Biden has taken to fight inflation. pic.twitter.com/Yq9vIPI1JH
— Townhall.com (@townhallcom) April 27, 2022
Beginning the painful to watch part of the press conference, a reporter asked Jen about the economy and inflation issue, saying:
On the economy, we have a GDP print that’s coming out tomorrow that’s expected to show fairly marginal growth. There’s increasing expectations from banks, predictions of — that we’re entering a recession.
Your budget plan had a focus on budget deficit reduction, as opposed to fiscal stimulus. Is there any plan to change that as we see the threat of a recession looming?
Psaki gave a predictably foolish and meaningless response to that question, saying:
Well, again, as I’ve said before on the recession question: Obviously, we look closely at economic data. We continue to believe that there are — there are strong data in the economy, whether it’s record job growth, whether it is the current unemployment rate. And that is a result of the actions of the President.
I would note on the GDP expectations for tomorrow: As you noted, the market expectations and other analysts out there do expect the growth to be slower in quarter one, which is what the data is being reported out tomorrow, than in quarter — the fourth quarter of last year.
This largely reflects the str- — very strong pace of growth in the fourth quarter. When taken together, growth over the two quarters is expected to be at a solid pace if we look at it over time, which is how we look at data.
And looking under the hood, the slowdown relative to quarter four is mainly for technical reasons like the change in inventory. So, last quarter, companies built up their inventories very quickly. And growth in inventories are expected to be slower, though still positive, this quarter.
This is something that has been pointed out — or this trend or these reasoning — this reasoning, I should say, has been pointed out by a range of outside economists and forecasters, including former NEC Director Jason Furman.
In other words, everything is awesome because…Team Biden says it is! That helps, thanks Jen.
Then things got even worse. A reporter asked about inflation again and if the Biden Administration has a plan for dealing with it, saying:
A quick follow-up just on inflation: There’s been some numbers that have shown that, you know, the monthly interest payment that somebody pays when they take out a mortgage has basically doubled over the past year.
You’ve talked about what you’re doing on meat prices. But if you look at the grocery bill, pretty widely there are many categories where we’re seeing double-digit inflation: flour, coffee, fruit.
Is there any strategy to deal with some of these other areas where we’re seeing, kind of, broad-based inflation?
What Psaki said next was horrifying. Apparently, Biden thinks that dealing with student loans will solve inflation. Jen said:
Well, I would say the President’s plan to address inflation or address causes or costs as they’ve gone up for the American people has many different components.
Obviously, there’s an important purview that the Federal Reserve has, and they’ve indicated their plans to recalibrate. We support that — that effort or steps they intend to take. And obviously, they have purview over and they’ve predicted that inflation will come down and moderate before the end of the year.
But how the American people experience inflation is costs, as you noted, whether it’s at the grocery store or other costs on their pocketbook. And the President has taken a number of steps to address costs, even extending the pause on student loans, which is something he did just a few weeks ago; the steps to fix the “family glitch” in the Affordable Care Act so more people would be eligible for lower-cost healthcare; and continuing conversations that are happening on Capitol Hill right now on his proposals to lower costs on childcare, healthcare, the cost of prescription drugs. These are all areas that impact and will help families as we’re working to bring costs down.
What will continued pauses lead to and mean? Cancellation. What will cancellation of student loan debt mean? A massive subsidy to the largely college-educated left, in part, and also more inflation, as more funny money floods the market to pay off those loans and those formerly burdened by them have more money to waste on a new iPhone or Prius.
The inflation problem is turning into a disaster, and Team Biden obviously isn’t dealing with it in a responsible or serious manner.