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CNBC Fact-Checks Biden Econ Advisor on Inflation: ‘None of Those Steps’ Really Help People
NewsBusters ^ | 6/1/2022 | Jeffrey Clark

Posted on 06/02/2022 10:59:14 AM PDT by jeff_clark

CNBC smacked down a Biden government official’s attempts to explain the president’s so-called “plan” to fight inflation.

(Excerpt) Read more at newsbusters.org ...


TOPICS: Business/Economy; Government; Politics; Society
KEYWORDS: blogpimp; clickbait; economy; gas; inflation; joebiden; postandrun
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1 posted on 06/02/2022 10:59:14 AM PDT by jeff_clark
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To: jeff_clark

FACT is that, all of Biden’s steps are the complete opposite of helpful, and in reality, are hurtful and destructive.

The best thing that Biden and company can do for the economy and people, is to resign and let people who know what they’re doing take over.


2 posted on 06/02/2022 11:03:59 AM PDT by adorno
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To: jeff_clark

So CNBC has decided to start reporting actual news?


3 posted on 06/02/2022 11:04:46 AM PDT by DarrellZero
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To: adorno

“The best thing that Biden and company can do for the economy and people, is to resign and let people who know what they’re doing take over.”

I would suggest that it’s unlikely to be so consistently wrong unless it’s intentional.


4 posted on 06/02/2022 11:05:04 AM PDT by brownsfan (It's going to take real, serious, hard times to wake the American public.)
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To: brownsfan

“I would suggest that it’s unlikely to be so consistently wrong unless it’s intentional.”

Too many people here think he is stupid. He may be, but the people making the decisions are not stupid. They are evil.


5 posted on 06/02/2022 11:09:48 AM PDT by alternatives? (The only reason to have an army is to defend your borders.)
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To: jeff_clark

Here is the most important fact. Biden’s assault on the fossil fuel industry is severely contracting the economy. There will be even worse inflation, poverty, hunger and social discord. The amount of gun violence and crime will increase dramatically.


6 posted on 06/02/2022 11:10:14 AM PDT by allendale
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To: alternatives?

“Too many people here think he is stupid. He may be, but the people making the decisions are not stupid. They are evil.”

Joe has long held the reputation for being the dumbest person in the Senate. Joe and the people making the decisions are all evil.


7 posted on 06/02/2022 11:11:50 AM PDT by brownsfan (It's going to take real, serious, hard times to wake the American public.)
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To: DarrellZero

I think this may be Deep State Media’s subtle signals that the Biden era is about over.


8 posted on 06/02/2022 11:12:52 AM PDT by Menehune56 ("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
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To: jeff_clark

When the leader starts blaming his staff for the problems, he’s near the end.


9 posted on 06/02/2022 11:22:02 AM PDT by lurk (u)
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To: jeff_clark

BIDEN: “The idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food.”
+-—————————————————

obama said the same thing when he was in office then Donald Trump came along and we had lower prices for everything.
We were energy independent for the first time ever.

Biden steals the election and prices go up and all he does is repeat the excuses of obama.

The corrupt news media was calling it the new normal back when he was vice president.
Now Biden begs the Saudi’s to export more oil to us.

Buck Sexton
“Stop whining about shortages, you broke peasants could handle losing a few pounds” is quite the rallying cry for Biden Democrats in the upcoming election.

Dane Hines
funny since he clicked a switch and then prices went up.


10 posted on 06/02/2022 11:31:36 AM PDT by minnesota_bound (Need more money to buy everything now)
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To: jeff_clark

What a surprise. They aren’t intended to “help” anyone.


11 posted on 06/02/2022 11:35:45 AM PDT by Noumenon (Black American flag time. KTF)
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To: jeff_clark

Deese responded, arguing that Biden’s plan will help the country, but that it will be gradual. “Well, there’s no single silver bullet,”


Actually, yes, there is. Inflation is caused when the money supply exceeds money demand. Thus money itself becomes devalued, increasing prices. So if you want a “silver bullet”, you can either reduce the money supply, or increase the money demand. Reducing the supply is much more easily achieved though, since money demand only generally increases when the economy is productive and growing.


12 posted on 06/02/2022 12:16:57 PM PDT by Boogieman
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To: Noumenon

No-one can predict the future so let’s deal with the consequences as they appear.


13 posted on 06/02/2022 12:17:42 PM PDT by Kenny500c ( )
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To: brownsfan

Yes, stupid and evil are not mutually exclusive. Just look at Amber Heard.


14 posted on 06/02/2022 12:18:47 PM PDT by Boogieman
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To: jeff_clark

im not saying they are intentionally trying to destroy the country

but if they were

what would they do differently?


15 posted on 06/02/2022 12:19:08 PM PDT by joshua c (Dump the LEFT. Cable tv, Big tech, national name brands)
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To: Boogieman

They doubled the money supply in a short period of time. It doesn’t match what GDP produced, not even close. So Bidenflation is here until prices on EVERYTHING double, on average. Until they balance.

H/T: Milton Friedman

Bidenflation is here to stay, for a long time. They really, truly, screwed up, dumping so much money into an economy not producing much. There is no way to take it back, without causing an immediate depression. They know it, everyone knows it. The decision is to let inflation run.

The group who did this are all Keynesians. Academics and fools who never made a payroll did this. They truly believe the Keynesian voodoo economic theory. They actually thought inflation wouldn’t get bad. Because Keynesian theory says it won’t.

Hence Yellen’s recent, “Ooops!” Scratching her empty head.


16 posted on 06/02/2022 1:44:58 PM PDT by Basket_of_Deplorables (Putin is behaving rationally.The war is on Biden and Obama. )
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To: Basket_of_Deplorables

The damage is done. It will take a decade or more to work all of this excess money through the system.


17 posted on 06/02/2022 1:48:19 PM PDT by central_va (I won't be reconstructed and I do not give a damn...)
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To: Basket_of_Deplorables

“There is no way to take it back, without causing an immediate depression.”

Well, not all at once at least. They could shrink the money supply more gradually, in which case we would probably get a recession and still get inflation, but we might avoid a depression and not get as big of a hit from the inflation as we would by doing nothing.

If it were me trying to clean up this mess, I think I would try a multi-pronged approach. Raise interest rates, then cut taxes to encourage growth, or at dull the effects of the contraction, and then try to take as much money out of circulation as possible by offering some very attractive long term bond rates. Might not succeed, but it couldn’t do worse than Biden’s policy will.


18 posted on 06/02/2022 1:56:38 PM PDT by Boogieman
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To: DarrellZero

At some point they have to think about their reputation.


19 posted on 06/02/2022 3:14:01 PM PDT by ealgeone
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To: adorno

20 posted on 06/02/2022 7:50:02 PM PDT by caww ( )
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