(JustPatriots.com)- On Monday, during an event with White House reporters, Biden was asked at what point would he consider inflation unchecked to the point where he would want to see the Fed to take action to curb it.
Biden scoffed at the idea that inflation was unchecked, claiming there is no serious economist who’s suggesting that.
Q: "At what point would you consider inflation unchecked…?"
Biden: "There’s nobody suggesting there’s unchecked inflation on the way. No serious economist. That’s totally different. Look, the stock market is higher than it has been in all of history. Even went down this month" pic.twitter.com/NLXCssisUX
— Mona Salama (@MonaSalama_) July 19, 2021
But according to reports, Biden may be scoffing in front of cameras, but behind the scenes he is starting to panic.
It’s being reported that the President has begged the US Central Bank to curb the inflation that has shown no signs of ending. Apparently White House officials are worried that skyrocketing consumer prices fueling this latest inflation would further erode his already wavering popular support.
So it isn’t so much out of concern for Americans having to pay more at the pump or the grocery store that’s motivating these people. It’s Biden’s sliding approval numbers.
Good to know the Biden White House is looking out for the American people.
There’s still quite a bit of denial in the White House about just how persistent this inflation is going to be. They’re still whistling past the gas pumps thinking things will turn around if only they pump out more government spending.
Central Bank experts indicate that the only thing the Fed could do to address inflation is to raise interest rates. But raising interests rates would also increase interest payments on the National Debt which is galloping toward $30 Trillion.
As to Biden’s claim that “no serious economist” is worried about unchecked inflation, that is flat-out false.
For several months, Larry Summers, the former director of the National Economic Council under Obama and Treasury Secretary under Bill Clinton, has been warning that the White House’s policies risk inflation overheating.
Last week, Summers tweeted that given the tightness of the labor market, the behavior of the housing markets and rising asset prices, he is more concerned now than he was a few months ago that inflation is overheating.
During an interview with CNN last week, Summers said he believes the Fed’s optimism that this inflation is transitory has been wrong for the last six months.
But perhaps Joe Biden doesn’t believe Larry Summers is a “serious” economist.