{"id":1476798,"date":"2022-05-16T13:31:09","date_gmt":"2022-05-16T17:31:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1476798"},"modified":"2022-05-16T13:31:13","modified_gmt":"2022-05-16T17:31:13","slug":"even-obamas-fed-chairman-predicts-biden-stagflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/even-obamas-fed-chairman-predicts-biden-stagflation\/","title":{"rendered":"Even Obama\u2019s Fed Chairman Predicts Biden Stagflation"},"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\">14<\/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%2Feven-obamas-fed-chairman-predicts-biden-stagflation%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=1476798&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>\n\t\t\t<span class=\"article-category\"><a class=\"\" href=\"https:\/\/freebeacon.com\/policy\/\">Policy<\/a><\/span><\/p>\n<p class=\"article-excerpt\">Ben Bernanke also criticized Biden student loan cancellation as &#8216;very unfair&#8217;<\/p>\n<figure class=\"post-thumbnail-container relative lg:mr-24 w-full my-4 mb-8\"><figcaption class=\"absolute text-white p-4 w-full text-right text-xs bottom-0 bg-black opacity-75\">\n\t\t\t\tThen-president Barack Obama and then-Fed chairman Ben Bernanke \/ Getty Images\t\t\t<\/figcaption><\/figure>\n<p>\t\t\t<span class=\"text-gray text-xs md:text-lg\"><a href=\"https:\/\/freebeacon.com\/author\/karl-salzmann\/\" title=\"Posts by Karl Salzmann\" class=\"author url fn text-red-700\" rel=\"author\">Karl Salzmann<\/a> \u2022 May 16, 2022 1:15 pm<\/span><\/p><\/div>\n<div>\n<p>Former Federal Reserve chairman Ben Bernanke, who served under former presidents George W. Bush and Barack Obama, says the United States is likely in for 1970s-style &#8220;stagflation&#8221; under President Joe Biden, the <i>New York Times<\/i> <a href=\"https:\/\/www.nytimes.com\/2022\/05\/16\/business\/ben-bernanke-predicts-stagflation.html\" target=\"_blank\" rel=\"noopener\">reported<\/a> Monday.<\/p>\n<p>Bernanke, the Fed&#8217;s chairman during the Great Recession that began in 2008, said he hopes Chairman Jerome Powell can reduce inflation without taking the extreme measures of the 1970s or causing a recession.<\/p>\n<p>&#8220;Even under the benign scenario,&#8221; however, the country will probably go through &#8220;a period in the next year or two where growth is low, unemployment is at least up a little bit, and inflation is still high,&#8221; Bernanke predicted. &#8220;So you could call that stagflation.&#8221;<\/p>\n<p>Bernanke is not the only Obama administration official to predict worsening inflation under Biden. Former Obama economic adviser Steven Rattner in March <a href=\"https:\/\/freebeacon.com\/policy\/top-obama-economic-adviser-just-took-a-shot-at-biden-on-inflation\/\" target=\"_blank\" rel=\"noopener\">called<\/a> rising costs &#8220;Biden&#8217;s inflation.&#8221; Former Treasury secretary Lawrence Summers, who served as Obama&#8217;s director of the National Economic Council, has warned for at least a year about Biden&#8217;s economic policies, <a href=\"https:\/\/freebeacon.com\/biden-administration\/this-study-shows-how-bidens-stimulus-contributed-to-inflation\/\" target=\"_blank\" rel=\"noopener\">blaming<\/a> the president&#8217;s American Rescue Plan for skyrocketing inflation and blasting Biden&#8217;s plan to cancel student loans.<\/p>\n<p>Bernanke also criticized Biden&#8217;s plan to cancel hundreds of billions of dollars in loans, calling the idea &#8220;very unfair.&#8221;<\/p>\n<p>&#8220;Many of the people who have large amounts of student debt are professionals who are going to go on and make lots of money in their lifetime,&#8221; Bernanke said. &#8220;So why would we be favoring them over somebody who didn\u2019t go to college, for example?&#8221;<\/p>\n<p>Biden said in April that he is considering mass student debt cancellation, though even many Democrats <a href=\"https:\/\/freebeacon.com\/biden-administration\/biden-lacks-authority-to-cancel-student-debt-obama-admin-lawyer-says\/\" target=\"_blank\" rel=\"noopener\">doubt<\/a>\u00a0that such a plan is legal.<\/p>\n<p>While the <em>Times<\/em> wrote that he &#8220;isn&#8217;t worried about a 2008-style crisis,&#8221; Bernanke is &#8220;concerned about housing prices, saying they have \u2018risen a lot, like 30 percent in the last two years.'&#8221;<\/p>\n<p>&#8220;That&#8217;s something that needs to be watched,&#8221; Bernanke warned.<\/p>\n<p>Biden, who for months <a href=\"https:\/\/freebeacon.com\/biden-administration\/flashback-biden-insisted-inflation-wouldnt-be-here-for-long\/\" target=\"_blank\" rel=\"noopener\">said<\/a> rising prices wouldn&#8217;t be here long, is facing inflation levels not seen in 40 years. Gas prices have <a href=\"https:\/\/freebeacon.com\/biden-administration\/gas-prices-boomerang-to-record-highs-on-bidens-watch\/\" target=\"_blank\" rel=\"noopener\">shot back up<\/a> this month to record highs. Experts predict that canceling student loans will drive up inflation even higher, the <i>Washington Free Beacon<\/i> has <a href=\"https:\/\/freebeacon.com\/policy\/elizabeth-warren-wants-to-cancel-student-loan-debt-and-hike-inflation\/\" target=\"_blank\" rel=\"noopener\">reported<\/a>.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Policy Ben Bernanke also criticized Biden student loan cancellation as &#8216;very unfair&#8217;  Then-president Barack Obama and then-Fed chairman Ben Bernanke \/ Getty Images  Karl Salzmann<\/p>\n","protected":false},"author":162,"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-1476798","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\/1476798","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\/162"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1476798"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1476798\/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=1476798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1476798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1476798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}