Top economic aide promises Biden will unveil plan to tackle inflation in the ‘medium-term’ future πŸ”₯πŸ”₯πŸ”₯πŸ”₯πŸ”₯

Joe Biden‘s top economic adviser signaled that the White House is finally putting soaring inflation into focus in the president’s agenda on Sunday – though he was vague when asked about an immediate action plan to alleviate the pain in Americans’ pocketbooks.

Rising prices coupled with worsening supply chain issues ahead of the holiday season are the latest crises plaguing the Biden administration.

‘Do you believe that just at the end of the day, everything you’ve done is everything that can be done with inflation? Or are there more tools in the toolbox that you might use if you think it’s getting worse?’ Meet the Press host Chuck Todd asked National Economic Council Director Brian Deese.

Deese echoed other Biden officials’ line that it was the pandemic that’s responsible for what’s plaguing the US economy – and that the administration is working to fix it.

‘We can address this issue in the short-term and the medium-term. In the short term, we’re focused on executing a strategy to finish the task on COVID. Those are immediate steps that we know actually will help return our economy to a sense of normalcy, affecting supply chains working with ports ,’ he said.

Some of those ‘short-term’ actions included the deal Biden brokered last month between public and private authorities to ease shipping bottlenecks. Getting massive companies like Amazon and FedEx to expand operations and opening the Port of Los Angeles to a 24/7 schedule were among the measures he announced.

Brian Deese went on several different networks on Sunday to temper concerns that the Biden administration isn’t doing enough to address inflation

‘Those are the kind of steps we can take in the short term, but I don’t want to – I don’t think we should downplay the medium-term here,’ Deese said.

‘If we can act immediately to invest in childcare, cut the cost of childcare in half for the typical family, that’s going to be a game changer for families, and help get more people into the workplace as well. We’ve got to work in the short-term and the medium-term here as well.’

He didn’t go into detail on what the ‘short’ or ‘medium’ timelines looked like.

On Wednesday, the government said its consumer price index soared 6.2 percent from a year ago β€” the biggest 12-month jump since 1990.

Biden admitted inflation was a growing concern on Friday

Biden admitted inflation was a growing concern on Friday

In bad news for a Biden administration that vowed to ‘recover’ from Donald Trump, the price jumps are affecting American families in some of the places that hurt the most.

At the breakfast table, for instance: Bacon prices are up 20 percent over the past year, egg prices nearly 12 percent. Gasoline has surged 50 percent. Buying a washing machine or a dryer will set you back 15 percent more than it would have a year ago. Used cars cost more than a quarter more.

Although pay is up sharply for many workers, it isn’t nearly enough to keep up with prices. Last month, average hourly wages in the United States, after accounting for inflation, actually fell 1.2 percent compared with October 2020.

After months of downplaying the growing financial toll on US families as just ‘short-term’ damage, Biden admitted prices were ‘too high’ and that it poses a problem for many during a speech in Baltimore last week.

‘Everything from a gallon of gas to a loaf of bread costs more,’ he said. ‘We still face challenges and we have to tackle them … we have to tackle them head on.’

But on Sunday Deese didn’t back down from the administration’s earlier prediction, despite acknowledging the rising prices.

During another TV appearance on CNN’s State of the Union, host Jake Tapper asked if Deese and Biden were ‘wrong’ to say inflation was ‘short-term.’

On Wednesday, the government said its consumer price index soared 6.2 percent from a year ago β€” the biggest 12-month jump since 1990

On Wednesday, the government said its consumer price index soared 6.2 percent from a year ago β€” the biggest 12-month jump since 1990

Soaring prices are affecting Americans at their very own kitchen tables - bad news as the Thanksgiving holiday looms

Soaring prices are affecting Americans at their very own kitchen tables – bad news as the Thanksgiving holiday looms

‘No, I don’t think so,’ Deese said. ‘I think what we have said consistently is that the pandemic and the economy are interlinked. And certainly we saw just as the delta variant posed real health challenges to the economy, I would also add real economic impacts.’

But he said inflation along with supply chain issues were a ‘global’ issue rather than another domestic crisis.

‘We’re seeing these price increases, inflation, globally because of the supply chain challenges associated with COVID, that’s why we’re going right at attacking those issues right now as well,’ Deese said.

Critics of the Biden administration have raised the possibility that the American Rescue Plan contributed to inflation at least domestically by ‘overstimulating’ the economy, but Deese said that wasn’t the case.

‘That’s not our perspective,’ he told host Tapper. ‘The American Rescue Plan saved us from an acute economic emergency.’

Asked when he thought inflation would go back to normal levels, Deese cited ‘experts’ who said it would ‘moderate next year.’

‘I really think…most Americans are less interested in predictions and are more interested in actions and seeing concrete action in trying to address these issues,’ he said.

Top economic aide promises Biden will unveil plan to tackle inflation in the ‘medium-term’ future

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