On Monday, White House Press Secretary Jen Psaki refused to hold Biden responsible for his low approval count. Instead, she decided to blame COVID.
A reporter began to ask: “The University of Michigan’s consumer sentiment survey hit its lowest level since November 2011. Look at the story you made clear, you believe you yes, in terms of what the President has achieved in ten months, you are also seeing your own numbers. What do you think that is? Is it just inflation? Does it have insurance? What does the White House think is causing consumer sentiment to be so low? ”
Psaki began: “Well, I can say that, without being an economist, we look at most of these data points through the lens of Covid.
“And we know that we are where we are now because of Covid, because of the impact of the pandemic. That has led to inflation. That has led to supply chain problems. And we know that even on a basic human level, people are tired of the pandemic. And so it’s hard to drill down into sentiment, which is of course a different metric than some of the other data, but we’ve found that to be consistent across a range of data and across a range of economic and even economic analyses. even poll as it relates to how the current state of play in the country is impacting the American people,” she added.
This is clearly the Biden administration’s damage control. The truth is, even his closest friends are admitting the truth about inflation because of his disastrous policies.
Former Obama Economic Adviser Larry Summers recently told CNN the truth about inflation under Biden.
“Given that you’ve worried about this before almost anyone else, and given that you’ve now gotten all these CEOs saying it’s going to take a year, maybe even past that, yes, At that point, it won’t be temporary. How long do you think inflation will rise? “, CNN’s left-hand host, Erin Burnett, asked.
“I think the probability is that we will have inflation of the kind that we haven’t seen in 30 years, until the Fed makes some significant moves on monetary policy, or until there is Some sort of crash interrupting Summers begins.
“I think it is possible but it is completely unlikely that inflation will fall back to its normal 2% level without some significant change in the path we are on now – we are now on. I think the Fed made a significant mistake in its approach by doubling the massive fiscal stimulus we had at the start of the year with really easy monetary policy.”
Burnett followed up by asking, “Obviously they haven’t made it clear to you what they’re going to do—that they see any mistakes they’ve made. But if they come back now and say, actually, wait. Sorry, we will start raising rates. Will it be too little, too late?
“I think if they started by saying they would stop buying mortgages during the big housing bubble, that would be very helpful,” Summers replied.
“I think if they said they would stop growing the balance sheet and not reduce the balance sheet but just stop the balance sheet growth – if they did that in three months, instead of in eight months that will be helpful. If they signal that they are waiting for a rate hike and they see the main problem as overheating, I think that would help,” he added.
When even CNN is forced to admit the truth, you know you’re in trouble.
Brace for Impact, USA.
https://smartzune.com/watch-psaki-once-again-says-covid-is-to-blame-for-bidens-low-approval-numbers/ | WATCH: Psaki AGAIN says Covid will be to blame for Biden’s low approval numbers