{"id":879228,"date":"2021-10-14T12:44:37","date_gmt":"2021-10-14T16:44:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=879228"},"modified":"2021-10-14T12:44:40","modified_gmt":"2021-10-14T16:44:40","slug":"bidens-chief-of-staff-agrees-inflation-a-high-class-problem","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-chief-of-staff-agrees-inflation-a-high-class-problem\/","title":{"rendered":"Biden\u2019s Chief Of Staff Agrees: Inflation A \u2018High-Class Problem\u2019"},"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\">18<\/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%2Fbidens-chief-of-staff-agrees-inflation-a-high-class-problem%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=879228&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>On Wednesday night, President Biden\u2019s White House Chief of Staff, Ron Klain, apparently sympathetic with the infamous quote attributed to 18th century French Queen Marie Antoinette, \u201cLet them eat cake\u201d regarding starving plebeians, agreed that the current inflation was a \u201chigh-class problem.\u201d<\/p>\n<p>Klain echoed the claim of the former chairman of former President Barack Obama\u2019s Council of Economic Advisers, Jason Furman, who tweeted, \u201cMost of the economic problems we\u2019re facing (inflation, supply chains, etc.) are high-class problems. We wouldn\u2019t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.\u201d<\/p>\n<p>Klain simply echoed, \u201cThis.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">This \ud83d\udc47\ud83d\udc47 <a href=\"https:\/\/t.co\/ymh53nEHAg\">https:\/\/t.co\/ymh53nEHAg<\/a><\/p>\n<p>\u2014 Ronald Klain (@WHCOS) <a href=\"https:\/\/twitter.com\/WHCOS\/status\/1448473693651341317?ref_src=twsrc%5Etfw\">October 14, 2021<\/a><\/p>\n<p>The Daily Wire <a href=\"applewebdata:\/\/d4ed670a-eca5-499f-b8e2-c66a5de325c1\/v\">noted<\/a> on October 5:<\/p>\n<p><em>An important inflation measure reached its highest level since 1991. As the&nbsp;<a href=\"https:\/\/www.bea.gov\/news\/2021\/personal-income-and-outlays-august-2021\">Bureau of Economic Analysis<\/a>&nbsp;revealed, personal consumption spending rose by $130.5 billion dollars in August \u2014 representing a 4.3% year-over-year hike in the Personal Consumption Expenditures Price Index.<\/em><\/p>\n<p><em>The PCEPI \u2014 used by the Federal Reserve to set its inflation rate targets \u2014 has risen for the past several months. In April, the metric hit a 3.6% year-over-year growth rate before rising to 4.0% in June and 4.2% in July. Also in August, personal income rose by $35.5 billion and disposable income rose by $18.9 billion. Government stimulus measures \u2014 especially the Child Tax Credit \u2014 played a significant role in the higher income levels.&nbsp;Because the $130.5 billion increase in expenses vastly outpaced earnings, however, the Bureau of Economic Analysis\u2019 findings show that purchasing power is diminishing.<\/em><\/p>\n<p>As far as supply chains being a \u201chigh-class problem,\u201d CNN <a href=\"https:\/\/www.cnn.com\/2021\/10\/12\/business\/global-supply-chain-nightmare\/index.html\">reported<\/a> on Wednesday:<\/p>\n<p><em>The supply chain nightmare is jacking up prices for consumers and slowing the global economic recovery. Unfortunately, Moody\u2019s Analytics warns supply chain disruptions \u201cwill get worse before they get better.\u201d \u201cAs the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner,\u201d Moody\u2019s wrote in a Monday report.<\/em><\/p>\n<p>Suzanne Clark, the president and CEO of the U.S. Chamber of Commerce, <a href=\"https:\/\/www.nbcnews.com\/business\/consumer\/struggle-fix-supply-chain-small-businesses-fear-losing-out-larger-n1281467\">stated<\/a>, \u201cThis supply chain crisis is hurting businesses and consumers alike, leading to inflation and shortages of key supplies. Coupled with massive labor shortages, this is a major threat to our fragile economic recovery and long-term competitiveness.\u201d<\/p>\n<p>On Wednesday, Transportation Secretary Pete Buttigieg seemingly made light of the supply chain problems. CNN\u2019s Brianna Keilar&nbsp;asked, \u201cSo holiday expectation management, as we\u2019re looking at the<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Wednesday night, President Biden\u2019s White House Chief of Staff, Ron Klain, apparently sympathetic with the infamous quote attributed to 18th century French Queen Marie Antoinette, \u201cLet them eat cake\u201d regarding starving plebeians, agreed that the current inflation was a \u201chigh-class problem.\u201dKlain echoed the claim of the former chairman of former President Barack Obama\u2019s Council of Economic Advisers, Jason Furman, who tweeted, \u201cMost of the economic problems we\u2019re facing (inflation, supply chains, etc.) are high-class problems. We wouldn\u2019t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.\u201dKlain simply echoed, \u201cThis.\u201dThis \ud83d\udc47\ud83d\udc47 https:\/\/t.co\/ymh53nEHAg\u2014 Ronald Klain (@WHCOS) October 14, 2021The Daily Wire noted on October 5:An important inflation measure reached its highest level since 1991. As the\u00a0Bureau of Economic Analysis\u00a0revealed, personal consumption spending rose by $130.5 billion dollars in August \u2014 representing a 4.3% year-over-year hike in the Personal Consumption Expenditures Price Index.The PCEPI \u2014 used by the Federal Reserve to set its inflation rate targets \u2014 has risen for the past several months. In April, the metric hit a 3.6% year-over-year growth rate before rising to 4.0% in June and 4.2% in July. Also in August, personal income rose by $35.5 billion and disposable income rose by $18.9 billion. Government stimulus measures \u2014 especially the Child Tax Credit \u2014 played a significant role in the higher income levels.\u00a0Because the $130.5 billion increase in expenses vastly outpaced earnings, however, the Bureau of Economic Analysis\u2019 findings show that purchasing power is diminishing.As far as supply chains being a \u201chigh-class problem,\u201d CNN reported on Wednesday:The supply chain nightmare is jacking up prices for consumers and slowing the global economic recovery. Unfortunately, Moody\u2019s Analytics warns supply chain disruptions \u201cwill get worse before they get better.\u201d \u201cAs the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner,\u201d Moody\u2019s wrote in a Monday report.Suzanne Clark, the president and CEO of the U.S. Chamber of Commerce, stated, \u201cThis supply chain crisis is hurting businesses and consumers alike, leading to inflation and shortages of key supplies. Coupled with massive labor shortages, this is a major threat to our fragile economic recovery and long-term competitiveness.\u201dOn Wednesday, Transportation Secretary Pete Buttigieg seemingly made light of the supply chain problems. CNN\u2019s Brianna Keilar\u00a0asked, \u201cSo holiday expectation management, as we\u2019re looking at the supply chain issues, how bad are they going to get for Americans, and I\u2019m talking specifically, you know, leading here into the December holidays, where people are relying on getting goods, on getting presents?\u201d\u201cWell, they\u2019re \u2014 I think there\u2019s always been two kinds of Christmas shoppers,\u201d Buttigieg joked. \u201cThere\u2019s the ones who have all their lists completed by Halloween and then there\u2019s people like me who show up at the mall on Christmas Eve. If you\u2019re in that latter bucket, obviously there\u2019s going to be more challenges.WATCH: Transportation Secretary Pete Buttigieg makes a joke about how difficult it will be for families to get Christmas presents this year. pic.twitter.com\/178YC9aB7m\u2014 RNC Research (@RNCResearch) October 13, 2021The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.\u00a0<\/p>\n","protected":false},"author":1,"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-879228","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\/879228","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=879228"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/879228\/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=879228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=879228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=879228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}