Ron Klain, the White House Chief Of Staff to President Biden, admitted Wednesday evening that the inflation crisis was a “high-class issue.”
Klain’s comments were in response to Jason Furman, former Chairman of President Barack Obama’s Council of Economic Advisers. Furman tweeted that “Most of our economic problems (inflation and supply chains etc.)” These are problems of high class. They wouldn’t be here if the unemployment rate were still 10%. Instead, we would have faced a much more serious problem.
Check out what The Daily Wire reported on October 5:
An important inflation measure reached its highest level since 1991. As the Bureau of Economic Analysis revealed, personal consumption spending rose by $130.5 billion dollars in August — representing a 4.3% year-over-year hike in the Personal Consumption Expenditures Price Index.
The PCEPI — used by the Federal Reserve to set its inflation rate targets — 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 — especially the Child Tax Credit — played a significant role in the higher income levels. Because the $130.5 billion increase in expenses vastly outpaced earnings, however, the Bureau of Economic Analysis’ findings show that purchasing power is diminishing.
As far as supply chains being a “high-class problem,” CNN reported on Wednesday:
The supply chain nightmare is jacking up prices for consumers and slowing the global economic recovery. Unfortunately, Moody’s Analytics warns supply chain disruptions “will get worse before they get better.” “As 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,” Moody’s wrote in a Monday report.
Although the supply chain problem is a serious crisis in America, Transportation Secretary Pete Buttigieg believes it to be a joke.
During an interview on Wednesday with CNN, host Brianna Keilar asked, “So holiday expectation management, as we’re looking at the supply chain issues, how bad are they going to get for Americans, and I’m talking specifically, you know, leading here into the December holidays, where people are relying on getting goods, on getting presents?”
“Well, they’re — I think there’s always been two kinds of Christmas shoppers,” Buttigieg joked. “There’s the ones who have all their lists completed by Halloween and then there’s people like me who show up at the mall on Christmas Eve. If you’re in that latter bucket, obviously there’s going to be more challenges.”