A member of the U.S. President’s Council of Economic Advisers attributes high inflation to the Covid-19 pandemic, rather than Joe Biden’s economic policies and stimulus packages.
In an interview at the Aix-en-Provence economic forum in France, Heather Boushey dismissed the criticism against “Bidenomics” and its impact on inflation. She emphasized that the American Rescue Plan, implemented amidst the pandemic to address various challenges, was instrumental in providing flexibility.
Boushey explained, “Had we done nothing and the United States experienced higher inflation than other countries, you could argue it was due to our policies. However, that’s not what happened. Inflation occurred globally, and it was caused by the resilience of our supply chains.”
Boushey further emphasized the importance of investing in supply chain resiliency and transitioning towards clean energy to reduce price volatility and disruptions in the global economy.
According to the Labor Department, inflation in the U.S. rose by 4% annually in May, the lowest rate in over two years. However, in mid-2022, inflation reached a four-decade high of 9% due to various factors, including supply chain issues and Covid-related stimulus spending.
Boushey highlighted that the inflation rate has been decreasing for the past eleven months and emphasized that the U.S. has experienced stronger growth compared to other G7 countries while avoiding higher inflation.
—CNBC’s Jeff Cox contributed to this article.
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