White House Council of Economic Advisers member Jared Bernstein on Thursday pointed to Russian President Vladimir Putin’s invasion of Ukraine for the record-high inflation and gas prices in the United States.
Bernstein told MSNBC’s “Morning Joe” that the stimulus packages were “integrally contributing to some of the remarkable economic statistics” posted during President Joe Biden’s time in office.
“Let me start by underscoring some of the points that the president made in his op-ed earlier this week, which is targeting precisely what you asked about there,” Bernstein outlined. “I mean, this is a president who grew up in a family where high gas and grocery prices were kitchen table issues. So, of course, we’re doing all we can to help on the price front — particularly gas at the pump, but in other commodities as well.”
“Now, of course, as you said, Vladimir Putin’s unjust invasion of the sovereign nation of Ukraine is all over that issue, and we’re hearing today some reports that OPEC may step up and compensate for some of the lost Russian barrels. We can’t wait on the sidelines,” he added.
Co-host Willie Geist asked if the stimulus packages contributed to the inflation.
Bernstein then acknowledged the American Rescue Plan contributed to some of the inflation but said he wasn’t “here to at all look at this in any sort of one-sided way.”
“The inflation that we’re observing is very much a function of high levels of demand and constrained supply,” he replied. “Now, that relates to COVID, that relates to some things that certainly weren’t in the picture when the American Rescue Plan went into place — things like Omicron and other variants, things like Russia’s invasion, things like China’s lockdown.”
Bernstein continued, “And sure, fiscal policy is always going to contribute to the demand side of the equation, but I’m not here to at all look at this in any sort of one-sided way. When you’re talking about the rescue plan, it is essential to balance some of the heat that fiscal policy helped to create along with that list of benefits.”
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Source: Breitbart
