Since the purchasing power of the U.S. dollar is no longer what it used to be, inflation continues to increase the prices of American goods and services. At the same time, Larry Summers, a former economic adviser to the Obama administration, recently told the media, “We will see inflation that has not been seen in 30 years.” Although the forecasts are frustrating, the White House does not believe these forecasts. Treasury Secretary Janet Yellen blamed the Covid pandemic for inflation.

Obama’s former economic adviser predicts hot inflation will rise-The White House rejects the idea that infrastructure funds will keep inflation going

Since the US government has expanded the money supply in an unprecedented way, Americans are spending more and more dollars to pay for gasoline, rent, housing, food, health care supplies, medicines, vehicles, etc.President Joe Biden Seems to think Trillion dollar infrastructure bill Although economists doubt this forecast, it will still help ease inflation. Talk to CNNLarry Summers, an American economist who served as the 71st U.S. Treasury Secretary, said: “We will see inflation that has not been seen in 30 years.”

NBC’s Peter Alexander: “Americans now see their dollars, and their salaries are now stretched. Why shouldn’t Americans worry about injecting $1.57 trillion or more into inflation?”

Psaki: “B/c has no economists’ predictions[.]”

Uh-huh? pic.twitter.com/Cz4vcguSvs

— Curtis Houck (@CurtisHouck) November 15, 2021

However, when White House Press Secretary Jen Psaki was asked by an NBC reporter who was constantly pressing on her about the soaring inflation, the secretary rejected such a prediction.Fox News contributor Joe Concha teased the press secretary’s comments on Twitter and Said“Too many economists believe that trillions of new spending will only push up inflation. These Psaki-Bombs are beyond ridiculous at this point,” Concha added.

Finance Minister Yellen blames the new crown pneumonia outbreak on inflation

Although economists predict that the U.S. economy will shrink, U.S. Treasury Secretary Janet Yellen (Janet Yellen) Tell the media On Sunday, the inflation facing the United States was due to Covid-19. Yellen said: “It is important to realize that the cause of this inflation is a pandemic.” “This has led to… a sharp increase in demand for products,” she continued. “Although the supply of products in the United States and the world has increased, there has been no increase in demand.”

Gold bug and economist Peter Schiff mocked Yellen’s statement that Covid-19 caused inflation. Schiff emphasized in a tweet that he believes the Fed is responsible for the decline in purchasing power. “According to Yellen, inflation is caused by a sharp increase in consumer demand for products,” Schiff Tweet“But where do consumers get the money to buy these products? It comes from the government, and the government gets the money from the Federal Reserve. The Federal Reserve causes inflation.”

When Yellen spoke on Sunday, she was not involved in the highly condemned government authorization that the U.S. government has implemented in the past two years. U.S. officials across the country shut down businesses, coined terms such as “essential workers,” instituted vaccine regulations, enforced a rent moratorium for more than 16 months, and injected four cents into the U.S. money supply than the country’s top Three more dollars. Completed the entire history in less than two years.

However, on Sunday, Yellen’s statement on the CBS radio show “Face the Nation” indicated that she believes that the virus, not the central planner, has been controlling the U.S. economy. “The pandemic has been calling the shots for the economy and inflation,” Yellen concluded. “If we want to reduce inflation, I think continuing to make progress in fighting the pandemic is the most important thing we can do.”

The chairman of the Minneapolis Federal Reserve also blamed supply disruptions and the new crown virus-Biden consultants mentioned that vaccinating children would “appease American families.”

The day before Yellen’s speech on CBS, Minneapolis Federal Reserve Bank President Neil Kashkari, explain In the next few months, inflation may continue to rise. Kashkari said: “The mathematics shows that we may see higher readings in the next few months before they may start to gradually decrease.” Similar to Yellen, Kashkari emphasized supply chain issues and the coronavirus pandemic. This is the main reason for the persistence of inflation.

Kashkari further commented: “We have seen a surge in demand because Congress has provided a lot of funds for households and businesses to survive the pandemic, but at the same time, we have also seen supply disruptions due to the Covid virus.”

In addition, Brian Deese, director of the National Economic Council, under the leadership of President Joe Biden, Tell the media Addressing Covid will help ease inflation.When ABC News reporter George Stephanopoulos asked Deese [is] Anything President Biden can do” to solve inflation, Diss responded: “First: We must complete [the] Working on Covid… Having children aged 5 to 11 receive these treatments will provide a lot of comfort to American families. “

What do you think of rising inflation in the United States and the different views of American officials and economists on the loss of purchasing power? Please tell us your thoughts on this topic in the comments section below.

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