August 9, 2022

Biden Economic Adviser Calls For A lot more Gov’t Spending As Inflation Explodes To 9. 1%

“If there’s one thing to take away from this particular report it’s that there is more urgency now than ever within Congress moving to pass legislation to try to build more household semiconductors, ” says Brian Deese.

Joe Biden’s financial adviser Brian Deese required more government spending when confronted with historic 9. 1% pumpiing announced by the Department of Labor on Wednesday.

According to new consumer price catalog (CPI) data showing inflation at a 40-year-high, Deese in a CNBC appearance encouraged Our elected representatives to spend more money on semiconductors.

“ I just want to underscore if there may be one thing to take away from this particular report it’s that there is more urgency now than ever in Congress moving to pass a bill to try to build more household semiconductors, to try to bring down the cost of those goods, ” Deese said.

Deese also dismissed the CPI report, claiming that gas prices have fallen simply by 40 cents over the last month.

“ You understand, it’s backward looking, ” Deese said of the document, “ and it doesn’t reveal what we’ve seen over the last 30 days, which is a significant decline in gas prices, straight down about 40 cents. ”

CNBC web host Carl Quintanilla  saw by means of Deese’s “ circular” point that more spending would solve the inflation crisis.

“ Although that brings us right back towards the circular argument, Brian, that will more spending is not everything you typically do in the face an excellent source of inflation. How do we break free from that circle? ” Quintanilla asked.

Deese reiterated that building a lot more semiconductors would solve the historic inflation problem.

“ No, appear, I think you have to look at the distinctive situation that we’re within as an economy and think about how do we build a lot more supply, how do we raise the productive capacity of our economic climate, so that we actually may supply more goods, provide prices down. ” Deese responded. “ We know the solution on semiconductors exactly. We require more supply of those products. ”

This particular comes a week after Deese admitted that high gasoline prices are a small cost to pay for maintaining the “ liberal world order. ”

“ What do you say to those families that state, ‘ listen, we are unable to afford to pay $4. eighty-five a gallon for months, otherwise years? ‘” CNN host Victor Blackwell asked final Thursday.

“ This is about the future of the Liberal World Order and we have to stand firm, ” Deese replied.

The CPI increased to 9. 1% from a season ago in June, above the 8. 8% Dow Jones estimate, as costs continue to surge for power, food, rent, and commodities across the board.

And adjusted for pumpiing, workers’ hourly wages dropped 1% during the month and they are down 3. 6% from a year ago.

As Nobel Prize-winning economist Milton Friedman noted years ago, only the government causes inflation because it – with the Federal Reserve – settings the money supply.

“ There’s only one method you can stop inflation, which is by having the government create less money and spend less money, ” Friedman said on The Phil Donahue Show .

“ We don’t create inflation by our personal behavior. We make inflation by getting our own legislators, the people in Wa, to vote for more and more spending, and objecting in order to extra taxes, and therefore, with it financed by publishing money, ” he additional.

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