UPDATED 7:55 AM PT – Friday, December 10, 2021
The Biden administration has continued to down play inflation worries as it hits historic levels. Joe Biden’s top economic adviser, Brian Deese, recently tried to defend inflation while millions of Americans who are struggling to get by demand answers.
At a press briefing on Thursday, Deese claimed that emerging inflation reports, like the Consumer Price Index, use backward data and could be taken out of context. A reporter then asked Deese if he could shed light on what to expect with inflation moving forward, however, no concrete answer was given.
This came after Federal Reserve chairman Jerome Powell said transitory is no longer an accurate way to describe inflation and warned factors pushing inflation up could linger well into next year.
“What we believe is that price increases elevated the level that we are seeing, hit American families and their pocket books and we need to do everything that we can to address those directly,” said the economic adviser.
Deese went on in a blanket statement to claim inflation is a global issue, but the reporter demanded an answer.
While it appears Deese is unsure when or if prices will stabilize, he admitted they could be long term.
“To be very clear, the risk exists that price increases become entrenched in the long term,” he admitted. “That’s something that would be a real problem for the economy.”
Earlier this week, a recent survey from the Wall Street Journal found 56 percent of American voters agree that inflation is causing financial strain with 28 percent saying it’s severe. According to Brain Deese, as per his Twitter, this economy is simply a “Biden boom and no one has noticed it yet.”