Global Economy

Rouse defends Biden claiming inflation was to follow after the pandemic

Cecilia Rouse appeared on CNN’s “New Day” to answer questions from Brianna Keilar regarding Democratic financial analysts and legislators putting historic levels of expansion on Biden‘s massive spending packages, and whether they were more right than wrong to warn against them.

“I’m not sure what the right is. What we have here is an economy that is recovering from a pandemic. The recession was caused by the pandemic. We basically had to shut down our economy until we had the therapy, the vaccines, the injections.” “. in the arms,” Rouse replied.

Keilar pushed further, asking, “You warned that the spending levels, which of course I understand the White House and you see as very necessary given the situation the economy and the pandemic were in, but would cause inflation of perhaps a higher level than certain people, even in the White House, expected. Were they right?

The expansion, according to Awaken, was the result of Biden’s “effective strategy” against the Covid epidemic.

“So what we’ve seen is that all the advanced countries are trying to tackle inflation and they have, you know, historic levels of inflation,” Rouse said. “That has been the consequence of mounting an effective response to the pandemic. Because while we supported homes and businesses, we got shot at, allowing people to start leaving their homes and get their lives back, our supply chains couldn’t support that demand. We are not alone. All advanced countries are addressing this. This is a consequence of having an effective strategy against the pandemic.”

She also urged Congress to play its active role in trying to hike the high prices.

To which Rouse said that President understands the need of Federal Reserve’s Role and its duty to encourage Congressmen to declare their list of nominees so that they can address the dual mandate for price stability and full employment . “We understand that that’s the economic challenge ahead of us. That’s what he focuses on every day”, he added.

Disclaimer: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.