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Top White House adviser admits high prices are ‘absolutely a problem’

 | Breaking News Updates

Top White House adviser admits high prices are ‘absolutely a problem’

| Breaking News Updates | World News

As inflation continues to plague Americans, White House National Economic Council Director Brian Deese admitted on Friday that rising commodity prices were “absolutely a problem.”

During an interview with CNBC’s “Squawk Box,” Deese was pressed by host Joe Kernan on whether or not President Biden receives the best recommendation when it comes to the financial system. Kernan cited Sen. Joe Manchin’s concerns that further government spending could trigger worsening inflation.

Deese insisted that Manchin “is a close partner”, although the West Virginia Democrat insisted this month that no negotiations had taken place between him and the White House since he presented his opposition to Biden’s Build Back Better Act last month.

“What we advise [Biden], and what the president thinks is that price increases right now are absolutely a problem, absolutely a problem,” Deese admitted. “They affect families where they are, but they also affect sentiment and outlook, which is why we are focusing on what we can concretely do to reduce these costs in the context of the Federal Reserve moving and operating. . independently.”

National Economic Council Director Brian Deese said rising commodity prices were hurting American households.
AP Photo/Evan Vucci

Deese added that investments under the Build Back Better program would contribute to financial progress as long as expenses are paid.

In saying his opposition to the $2 trillion spending laws, Manchin cited inflation in addition to “budget tricks” that would undoubtedly add billions to the federal deficit if any of the proposals were done forever. .

Deese’s comments came only two days after Biden expressed optimism that his administration was “making progress” on raising prices, despite current knowledge showing a 7% increase in customer prices for the year ending December – best increase since 1982.

“Today’s report – which shows a significant reduction in headline inflation compared to last month, with lower gasoline and food prices – shows that we are making progress in slowing the rate of price increase,” the president said in a press release Wednesday.

While Biden claimed food prices have fallen, however, new Consumer Price Index data shows food prices rose 0.5% from November to December and 6.3% in total over the previous 12 months.

Senator Joe Manchin has cited inflation as one of his many causes for opposing President Biden’s Build Back Better plan.

Biden admitted in his assertion that current knowledge means there may still be “more work to be done.”

“Inflation is a global challenge, appearing in virtually all developed countries emerging from the pandemic economic crisis,” he said. “America is fortunate to have one of the fastest growing economies – thanks in part to the US bailout – which allows us to weather price increases and maintain strong and sustainable economic growth. .”

The White House has consistently tried to downplay current inflation rates while emphasizing minute price declines. Last fall, the administration largely blamed the COVID-19 pandemic and provided chain backlogs as the main catalyst for spikes in value.

Top White House adviser admits high prices are ‘absolutely a problem’

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