Top Biden Adviser Called Out For Saying More Spending Will Finally Stop Inflation | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. This post appears here courtesy of the The Daily Wire.

    National Economic Council Director Brian Deese said on Wednesday that the United States can address high inflation by passing more spending bills.

    The Consumer Price Index (CPI) rose 9.1% between June 2021 and June 2022, according to a report from the U.S. Bureau of Labor Statistics. During an interview with CNBC host Carl Quintanilla, Deese urged Congress to address the supply-side issues contributing to higher inflation by passing semiconductor manufacturing incentives.

    However, Quintanilla pressed Deese on the notion that higher spending would resolve the highest inflation in over 40 years, which comes on the heels of $6 trillion in federal stimulus packages enacted in response to COVID. "That brings us right back to the circular argument, Brian, that more spending is not what you typically do in the face of high inflation. How do we break out of that circle?" Quintanilla asked.

    "I think you have to look at the unique situation that we're in as an economy and think about how do we build more supply, how do we increase the productive capacity of our economy, so that we actually can supply more goods, bring prices down." replied Deese, who formerly worked as a senior adviser to President Barack Obama. "We know the answer on semiconductors exactly. We need more supply of those goods."

    Lawmakers have indeed proposed the $52 billion CHIPS for America Act - yet Intel, TSMC, and GlobalFoundries issued "public warnings" that they might "scale back their plans to make semiconductors" in the United States since the funding has not yet been greenlit. "The rest of the world is moving rapidly despite the inability of Congress to get this finished," Intel CEO Pat Gelsinger said at a recent panel event, noting that Asian and European countries are passing new incentives for manufacturers.

    "If there's one thing to take away from this report, it's that there is more urgency now than ever in Congress moving to pass a bill to try to build more domestic semiconductors, to try to bring down the price of those goods," Deese told Quintanilla, pointing to rising prices for used cars.

    President Joe Biden acknowledged on Wednesday that the new inflation reading is "unacceptably high," but said that the data are "also out-of-date" since energy prices have eased in recent days.

    "Energy alone comprised nearly half of the monthly increase in inflation. Today's data does not reflect the full impact of nearly 30 days of decreases in gas prices," he argued in a statement, noting that gas prices have fallen by $0.40 since June. "Those savings are providing important breathing room for American families."

    Gas prices fell to $4.63 per gallon as of Wednesday, according to AAA. Yet national average gas prices in early June surpassed $5.00 per gallon, even as prices were $2.38 per gallon ahead of Biden's inauguration and $3.53 ahead of the Russian invasion of Ukraine, according to the U.S. Energy Information Administration.

    Beyond the semiconductor legislation, Biden promised to "urge Congress to act, this month, on legislation to reduce the cost of everyday expenses that are hitting American families," such as prescription drugs, utility bills, and health insurance premiums. Some Democratic lawmakers have supported legislation that would allow Biden to control prices by declaring an "energy emergency" to stop fuel companies from selling at prices deemed "unconscionably excessive."

poll#154
Inarguably, the policies of the Democrats in congress and Joe Biden as the Executive is plunging the United States into a recession, if we are not already there; a recession that was completely avoidable. Will abrupt changes in policies occur in time?
  Yes, the Democrats have a bold plan, yet to be revealed, to save us.
  No, there will have to be a complete undoing of the damage done by these Democrats.
  I can't do simple math, so how am I to understand the concept of basic economics.
1,216 total vote(s)     What's your Opinion?

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Mystery Emerges After Ancient Roman Gold Coins Discovered In Farmland Business Trends, Daily Wire, Guest Editorial, Editorials, Business, Op-Ed & Politics, Regional Business L.A. County Board Moves To Give Itself Power To Oust Sheriff From Office


HbAD0

Latest Regional Business

WASHINGTON, NC— The Beaufort County Community College Foundation received a $40,000 donation from the First Annual Belhaven Trout Tournament and Festival.
Coming on the heels of a second-quarter report that saw losses of $526.7 million, VinFast reported Thursday that it lost an additional $623 million for the third quarter of 2023.
Charlotte has joined a list of major US cities who recently placed a formal bid to designate the Queen City as a nationally recognized regional tech hub.
As North Carolina is America’s ninth most populous state, film and television producers are working with the Tarheel State in mind.
Beaufort County officials on Thursday helped the Beaufort County Committee of 100 welcome renowned e-commerce, digital marketing, and consulting firm BTW Global, LLC to its new headquarters in Washington.
Disney plans to eliminate thousands of jobs next week, dismissing as many as 15% of entertainment staffers, according to a recent report from Bloomberg.

HbAD1

Neuralink founder Elon Musk said he hopes implanting wireless brain-computer chips in humans will play a role in the existential risk of population reduction posed by artificial intelligence.
Ford announced on Monday that it is pausing construction on a multi-billion dollar battery plant in Marshall, Michigan that had drawn scrutiny from U.S. lawmakers over the company’s partnership with Chinese battery-maker Contemporary Amperex Technology Co. Ltd., or CATL.
On Tuesday, for the second year in a row, North Carolina earned the top spot in CNBC’s annual “America’s Top States for Business” rankings out of all 50 states.
North Carolina is one of six southern states that, together, have become an economic powerhouse, overtaking the once dominant Northeast region of the United States. That’s according to a new analysis from Bloomberg.
North Carolina is set to receive over $1.53 billion in federal funding to help with expanding high-speed internet across the state. The U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) made the announcement Monday.

HbAD2

It’s not just young people who are getting screwed by the current economy.

HbAD3

 
Back to Top