{"id":1427172,"date":"2022-04-09T22:14:43","date_gmt":"2022-04-10T02:14:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1427172"},"modified":"2022-04-09T22:14:46","modified_gmt":"2022-04-10T02:14:46","slug":"vulnerable-rep-jahana-hayes-claims-democrats-single-handedly-saved-the-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vulnerable-rep-jahana-hayes-claims-democrats-single-handedly-saved-the-economy\/","title":{"rendered":"Vulnerable Rep. Jahana Hayes Claims &#039;Democrats Single-Handedly Saved the Economy&#039;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fvulnerable-rep-jahana-hayes-claims-democrats-single-handedly-saved-the-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1427172&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p class=\"subheading\">Vulnerable Connecticut Rep.\u00a0Jahana Hayes <a href=\"https:\/\/www.youtube.com\/watch?v=1hH4HEmR-jo\">claimed<\/a> that \u201cDemocrats single-handedly saved the economy,\u201d during a portion of her\u00a0remarks at a virtual black caucus town hall uploaded to YouTube in March.<\/p>\n<p>The Connecticut Democratic Party\u2019s Black Caucus <a href=\"https:\/\/ctdems.org\/event\/ct-dems-black-caucus-rep-jahana-hayes-update-from-dc\/\">hosted<\/a> the event with Rep. Hayes via Zoom on March 16.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>Hayes claim\u00a0that \u201cDemocrats single-handedly\u00a0saved the economy\u201d is a wild assertion considering many economists have linked the American Rescue Plan and other behemoth Democrat spending bills to runaway inflation.<\/p>\n<p>Hayes, along with the other Democrats, happily promoted and voted for the\u00a0Democrats\u2019\u00a0$1.2 trillion, 2,702-page so-called infrastructure bill and the\u00a0$1.9 trillion American Rescue Plan last year, all of which\u00a0helped <a class=\"x5l\" href=\"https:\/\/www.nytimes.com\/2021\/11\/16\/opinion\/biden-inflation-spending-manchin.html\" target=\"_blank\" rel=\"noopener external\">fuel<\/a> inflation.<\/p>\n<p>Over the last year, prominent economists,\u00a0such as <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/02\/08\/blanchard-vs-biden\/\">Olivier Blanchard<\/a> and\u00a0Larry Summers, have called out Democrats about their policies\u2019 effects on inflation, which has hit a\u00a040-year high. In January consumer prices were up 7.5\u00a0percent compared with a year ago, which is the largest jump in\u00a0nearly four decades, and prices have continued to rise.\u00a0As a result, inflation is sapping the savings accounts of American families, pushing up the prices of everything from groceries to cars, and causing real wages to fall. In March, inflation put <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/03\/16\/fed-raises-rate-target-to-fight-inflation\/\">pressure<\/a> on the\u00a0Federal Reserve to hike the interest rates.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Asset manager Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, <a class=\"x5l\" href=\"https:\/\/www.foxnews.com\/media\/former-obama-aide-i-warned-dems-about-inflation?cmpid=fb_fnc&#038;fbclid=IwAR0mEEL1HxToRQQRCEwlDN4VJxDoFMHp_Sh0dX-ZFuUd9x0E6IJjhTlfaxY\" target=\"_blank\" rel=\"noopener external\">wrote<\/a> last November in an opinion piece at the <em>New York Times<\/em>\u00a0that\u00a0Biden\u2019s American Rescue Plan was the \u201coriginal sin\u201d that caused inflation.<\/p>\n<p>\u201cThe bill \u2014 almost completely unfunded \u2014 sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today\u2019s inflation levels,\u201d\u00a0Rattner wrote.<\/p>\n<p>Summers \u2014 the\u00a0Treasury Secretary under Bill Clinton, director of the National Economic Council under Barack Obama, former president of Harvard University, and chief economist of the World Bank \u2014 warned the American people\u00a0in many interviews over the last year about\u00a0the increase in government spending.<\/p>\n<p>During an interview with CNN, Summers <a href=\"https:\/\/www.breitbart.com\/economy\/2021\/07\/19\/fact-check-biden-claims-no-serious-economist-is-worried-about-inflation\/\">argued<\/a> that\u00a0Biden\u2019s American Rescue Plan\u00a0pumped up demand too much without taking steps to increase supply, which resulted in inflation.\u00a0\u201cI do think that, unfortunately, some of the predictions that I made about the consequences of stimulus do seem to have come true,\u201d he told CNN.<\/p>\n<p>\u201cPeople underestimated how much demand was going to be created by all the fiscal stimulus in the Recovery Act and all the expansionary monetary policy, and at the same time, they overestimated the economy\u2019s supply potential,\u201d Summers additionally <a href=\"https:\/\/www.breitbart.com\/clips\/2021\/11\/16\/summers-inflation-threatening-to-become-a-spiral-we-need-to-be-moving-quickly\/\">said<\/a>\u00a0during an interview with the\u00a0<em>PBS NewsHour<\/em>. \u201cBecause they didn\u2019t recognize the damage that was going to be done over the medium term by COVID.\u201d<\/p>\n<p>In February, Breitbart News\u2019s Economics Editor John Carney <a href=\"https:\/\/www.breitbart.com\/economy\/2022\/02\/10\/january-cpi\/\">wrote<\/a>:<\/p>\n<blockquote>\n<p>Although many economists and anti-Trump journalists claimed President Donald Trump\u2019s tariffs would raise prices, consumer prices remained low throughout his administration. Trump\u2019s tariffs turned out not to be taxes on consumers. Instead, they were absorbed by Chinese producers and exporters and the profit margins of most large U.S. companies.<\/p>\n<p>Inflation only began to accelerate last March after years of coming in below the Fed\u2019s two percent target. The Fed had decided to keep interest rates low although the economy was recovering at a faster than expected rate. What\u2019s more, the <strong>Biden administration pushed through billions of dollars of deficit spending in the American Rescue Plan. These combined to fuel demand for goods and services faster than supplies could expand, pushing up prices.<\/strong> [Emphasis added]\n<p>Federal Reserve chief Jerome Powell, following the advice of many of the economists on the central bank\u2019s staff, initially claimed that inflation was due to transitory factors. Fed officials forecast that inflation would fall in the latter half of 2021, predicting that supply chains would swiftly unsnarl and a rebalancing of consumer demand from goods to services would relieve pricing pressure. The Biden administration, under the tutelage of former Fed chair and now Treasury Secretary Janet Yellen, largely followed suit and continued to press for even more spending.<\/p>\n<\/blockquote>\n<p>\u201cThe inflation in the price of durable goods has been even more jarring to consumers because it follows a quarter of a century in which prices consistently fell year after year,\u201d Carney further\u00a0<a href=\"https:\/\/www.breitbart.com\/economy\/2022\/02\/25\/bidenflation-pushes-durable-goods-prices-up-most-in-47-years\/\">explained<\/a>.<\/p>\n<p><i>Jacob Bliss is a reporter for Breitbart News. You can follow him on <\/i><a href=\"https:\/\/twitter.com\/jacobmbliss\"><i>Twitter<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vulnerable Connecticut Rep.\u00a0Jahana Hayes claimed that \u201cDemocrats single-handedly saved the economy,\u201d during a portion of her\u00a0remarks at a virtual black caucus town hall uploaded to YouTube in March. The Connecticut<\/p>\n","protected":false},"author":20,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1427172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1427172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1427172"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1427172\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1427172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1427172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1427172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}