On Monday, White House Press Secretary Jen Psaki refused to hold Biden accountable for his low approval numbers. Instead, she decided to blame COVID.
A reporter began by asking, “The University of Michigan consumer sentiment survey came in at the lowest level since November of 2011. You look at the story that you guys have made clear, you believe you have, on what the President’s accomplished in the last ten months, you’re also seeing your own numbers. What do you attribute that to? Is it just inflation? Is it coverage? What does the White House think is driving consumer sentiment to be at that low level?”
“Well, I would say, without being an economist, we look at of most of these data points through the prism of Covid,” Psaki began.
“And we know that we are in this place that we’re in now because of Covid, because of the impact of the pandemic. That has led to inflation. That has led to supply chain issues. And we know that even on a fundamental human level, people are tired of the pandemic. And so, it’s hard to get into the psychological mind, which this is a measure of, of course, different than some other data, but we see that consistently across a range of data and a range of economic analysis and even polling as it relates to how the current state of play in the country is impacting the American people,” she added.
This is clearly damage control by the Biden administration. The truth is, even his closest friends are admitting the truth about inflation because of his disastrous policies.
Former Obama Economic Advisor Larry Summers recently told CNN the facts about inflation under Biden.
“Given that you were worried about this before almost anybody else, and given that now you have got all these CEOs saying it’s going to go a year, maybe even past that, right, at that point, it wouldn’t be transitory. How long do you think inflation is going to go up?,” asked the far-left CNN host Erin Burnett.
“I think the odds are that we’re going to have inflation of a kind we haven’t seen in 30 years, until either the Fed takes some significant move with respect to monetary policy, or until there’s some kind of accident that disrupts the economic growth we’re enjoying,” Summers began.
“I think it’s possible but quite unlikely that inflation will recede back to its normal 2 percent level without some significant change in the path we’re now — we’re now on. I think the Fed has made a significant mistake in the approach that it’s taking by doubling down on the massive fiscal stimulus we had at the beginning of the year with really easy monetary policy.”
Larry Summers, Treasury Secretary for Clinton & Obama’s NEC Director:
— Christy Lewis (@Cavalewis) November 13, 2021
Burnett followed up by asking, “Obviously, they haven’t indicated to your point that they are going to — that they see any mistake that they made. But if they were to turn around now and say, actually, wait. Sorry, we’re going to start increasing interest rates. Would it be too little, too late?
“I think if they started by saying that they were going to stop immediately buying mortgages in the midst of a major housing bubble, that would be helpful,” Summers responded.
“I think if they said they were going to stop growing their balance sheet and not reduce their balance sheet but just stop the process of growing it — if they were going to get that done in three months, rather than in eight, that would be helpful. If they signaled that they were on hold towards the possibility of raising rates and that they saw the major problem as being overheating, I think that would be helpful,” he added.
When even CNN is forced to admit the truth, you know you’re in trouble.
Brace for impact, America.