White House press secretary Jen Psaki said on Monday that no one could predict inflation would soar to a record high.
“Because of President Putin’s invasion of Ukraine and the impact on the global energy market – I don’t think anyone could have predicted these steps and the impact a year ago,” Psaki said.
This is a shameless lie.
The US is facing the highest inflation rate in 40 years with no end in sight.
The current Biden deflation rate is 8.5% (even if that’s a lie), but Joe Biden says his priority is fighting inflation.
Gas prices and Biden inflation surged ahead of Putin’s invasion of Ukraine, and many economists predict inflation won’t be temporary.
Putting inflation in context pic.twitter.com/onADmgZWqi
– Zero Hedge (@zerohedge) April 12, 2022
“Calling inflation ‘transient’ is a historically bad move for the Fed,” said Mohamed El-Erian, chief economic adviser at Allianz. NBC Finance report last year.
“Characting inflation as transitory is probably the worst inflation call in Fed history, and it has a high chance of leading to policy error,” the former PIMCO chief executive and current dean of Queens College told CBS in December. (CBS). “For the whole country.”
“As a result, the Fed must quickly regain control of inflation and restore its own credibility starting this week,” he added. “Otherwise, it will be a driver of rising inflation expectations on their own.”