{"id":1434808,"date":"2022-04-13T08:44:39","date_gmt":"2022-04-13T12:44:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1434808"},"modified":"2022-04-13T08:44:43","modified_gmt":"2022-04-13T12:44:43","slug":"the-biden-admins-predictions-on-transitory-inflation-have-aged-poorly","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-biden-admins-predictions-on-transitory-inflation-have-aged-poorly\/","title":{"rendered":"The Biden Admin\u2019s Predictions on \u201cTransitory Inflation\u201d Have Aged Poorly"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fthe-biden-admins-predictions-on-transitory-inflation-have-aged-poorly%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=1434808&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--><p>White House officials repeatedly claimed that inflation would be \u201ctemporary\u201d throughout parts of 2021, pushing back on concerns that it could be a longer-term problem.<\/p>\n<p>The reminder comes as Americans continue to struggle with inflation in 2022 \u2013 the Department of Labor (DOL) <a href=\"https:\/\/dailycaller.com\/2022\/04\/12\/inflation-labor-department-joe-biden-white-house-vladimir-putin\/\">announced<\/a> Tuesday that March consumer prices soared 8.5%, marking the fastest increase in 40 years.<\/p>\n<p>President Joe Biden and his administration have most recently blamed Russian President Vladimir Putin for cost increases, dubbing it \u2013 particularly prices seen at the pump \u2013 \u201cPutin\u2019s Price Hike.\u201d Prior to this, however, the administration sought to downplay inflation, casting it as a temporary issue for many months. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/10\/putin-gas-price-hike-psaki-pins-russia-oil-companies-gas-prices\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: \u2018Putin\u2019s Gas Price Hike\u2019: Psaki Pins Russia And U.S. Oil Companies For Rising Gas Prices)<\/a><\/strong><\/p>\n<p>In July 2021, White House press secretary Jen Psaki argued that the spike in inflation would not be a permanent adjustment, telling reporters \u201cthat these impacts are temporary.\u201d<\/p>\n<p>\u201cOur message is that we understand the threat that inflation poses. We will be vigilant about any responses needed. It\u2019s important for Americans to know and understand that these impacts are temporary, and some of these price increases are a result of the economy turning back on,\u201d Psaki <a href=\"https:\/\/dailycaller.com\/2021\/07\/15\/white-house-jen-psaki-inflation-temporary-jp-morgan\/\">said<\/a> at the time, as inflation spiked 5.4% over the 12-month period ending in June.<\/p>\n<p>Biden also parroted this talking point repeatedly throughout parts of 2021. At one point, the president\u00a0declared that the administration was \u201cconfident\u201d it was not seeing \u201cunchecked inflation in the long term.\u201d<\/p>\n<p>\u201cAs our economy comes roaring back, we\u2019ve seen some price increases,\u201d Biden said <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-says-inflation-temporary-fed-should-do-what-it-deems-necessary-recovery-2021-07-19\/\">during<\/a> remarks on July 19, 2021. \u201cSome folks have raised worries that this could be a sign of persistent inflation. But that\u2019s not our view. Our experts believe, and the data shows, that most of the price increases we\u2019ve seen are \u2013 were expected and are expected to be temporary.\u201d<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\" data-testid=\"paragraph-4\">\u201cI want to be clear: my administration understands that were we ever to experience unchecked inflation in the long term, that would pose a real challenge for our economy,\u201d he added. \u201cWhile we\u2019re confident that isn\u2019t what we\u2019re seeing today, we\u2019re going to remain vigilant about any response that is needed.\u201d<\/p>\n<p>Another example came <a href=\"https:\/\/nypost.com\/2021\/07\/22\/biden-again-rejects-inflation-concerns-claims-its-temporary\/\">during<\/a> a CNN town hall days later on July 21, 2021. At the time, Biden was pressed on what the administration was doing \u201cto help prevent the economy from overheating \u2026 in the long run.\u201d<\/p>\n<p>\u201cThe vast majority of the experts, including Wall Street, are suggesting that it\u2019s highly unlikely that it\u2019s going to be long-term inflation that\u2019s going to get out of hand,\u201d Biden said, reiterating the administration\u2019s talking point at the time. \u201cThere will be near-term inflation, because everything is now trying to be picked back up.\u201d<\/p>\n<div id=\"attachment_7408680\" class=\"wp-caption aligncenter\">\n<p id=\"caption-attachment-7408680\" class=\"wp-caption-text\">US President Joe Biden gives a thumbs up as he participates in a CNN Town Hall hosted by Don Lemon (R) at Mount St. Joseph University in Cincinnati, Ohio, July 21, 2021. (Photo by SAUL LOEB \/ AFP) (Photo by SAUL LOEB\/AFP via Getty Images)<\/p>\n<\/div>\n<p>The administration\u2019s push for \u201ctemporary\u201d inflation continued over the next few months, with officials such as\u00a0Treasury Secretary Janet Yellen arguing Americans should not be seriously concerned about high prices, Bloomberg <a href=\"https:\/\/archive.ph\/zlvoF#selection-4079.136-4079.167\">noted<\/a> in April 2021. <strong><a href=\"https:\/\/dailycaller.com\/2022\/03\/10\/cnbc-rick-santelli-biden-administration-list-excuses-inflation\/\">(RELATED:\u00a0CNBC Anchor Slams Biden Administration For List Of Excuses About Inflation)<\/a><\/strong><\/p>\n<p>\u201cInflation at these levels is, of course, a cause for concern. But that concern is tempered by a number of factors that suggest that these elevated readings are likely to prove temporary,\u201d Federal Reserve Chairman Jerome Powell <a href=\"https:\/\/www.youtube.com\/watch?v=HIzCWQKmnTg&#038;t=542s\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> during remarks at the annual Jackson Hole conference on Aug 27, 2021. \u201cThis assessment is a critical and ongoing one, and we are careful monitoring incoming data.\u201d<\/p>\n<p>Eventually, as inflation persisted, the Biden administration began to change its tune.\u00a0Yellen, though still downplaying concerns, <a href=\"https:\/\/www.cnn.com\/2021\/10\/24\/politics\/janet-yellen-inflation-labor-market-cnntv\/index.html\">suggested<\/a> in October 2021 that Americans would see \u201cimprovement \u2026 by the middle to end of next year, second half of next year [2022].\u201d<\/p>\n<p>A few months later in December 2021, Yellen further changed her tune, this time <a href=\"https:\/\/www.nytimes.com\/2021\/12\/02\/business\/yellen-inflation-omicron.html\">admitting<\/a> that it was time \u201cto retire the word transitory.\u201d Days earlier,\u00a0Powell had also said inflation was more than a short-term problem, <a href=\"https:\/\/www.nytimes.com\/2021\/12\/02\/business\/yellen-inflation-omicron.html\">according<\/a> to The New York Times.<\/p>\n<p>Similarly, as 2021 came to a close, Biden skirted away from his past claims of the problem being temporary. <strong><a href=\"https:\/\/dailycaller.com\/2022\/04\/12\/joe-biden-ethanol-gasoline-inflation-russia\/\">(RELATED:\u00a0Biden Scraps Green Fuel Rules In Bid To Slow Skyrocketing Gas Prices)<\/a><\/strong><\/p>\n<p>\u201cInflation hurts (Americans\u2019) pocketbooks, and reversing this trend is a top priority for me,\u201d Biden said in a statement issued November 11, 2021 after prices skyrockets 6.2% over 12 months, CNN <a href=\"https:\/\/www.cnn.com\/2021\/11\/11\/politics\/joe-biden-inflation-messaging\/index.html\">reported<\/a> at the time.<\/p>\n<p>Notably, the president\u2019s statement this time around did not suggest inflation was \u201ctransitory,\u201d the network added.<\/p>\n<p>While Tuesday\u2019s report <a href=\"https:\/\/dailycaller.com\/2022\/04\/12\/joe-biden-ethanol-gasoline-inflation-russia\/\">does show<\/a> a rise in gas prices \u2013 Psaki focused on this as what would be driving the most recent inflation rating <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/04\/11\/press-briefing-by-press-secretary-jen-psaki-april-11-2022\/\">during<\/a> Monday\u2019s press briefing \u2013 prices have also skyrocketed for rent, airline fares, medical care and more, according to the data.<\/p>\n<p>Tuesday\u2019s <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\">data<\/a> also showed that core inflation increased 6.5%, marking the highest increase since August 1982.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House officials repeatedly claimed that inflation would be \u201ctemporary\u201d throughout parts of 2021, pushing back on concerns that it could be a longer-term problem.The reminder comes as Americans continue<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1434808","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\/1434808","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\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1434808"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1434808\/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=1434808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1434808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1434808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}