WH Econ Council Member Reacts To Inflation Report
The consumer price index, which measures inflation, counting things like gas and groceries, rose zero-point-eight percent in November. Over the past 12 months, prices have climbed six-point-eight-percent. That’s the highest mark in nearly 40 years.
A top economic official from the Biden Administration is spinning the latest inflation report. Jared Bernstein from the White House Council of Economic Advisers said the administration is doing everything it can to address the issue. He specifically mentioned the efforts to fix issues in the nation’s supply chains. Bernstein also made a push for the President’s social spending plan. He argued it will reduce inflation issues over the longer term by reducing the price of things like housing and prescription drugs. Experts say this is unlikely and that the Biden bill will make inflation worse when help is needed most, now.