How is Team Biden’s fight against inflation going? Well Biden continues to cheer the dips in the price of gas, ignoring its tremendous rise since the start of his presidency. However, despite his cheery comments on the cost of gasoline, things are now getting bad enough that even some over at CNN are starting to admit that, whatever the Fed is currently doing, it looks like inflation is going to be a problem for a while.
That admission came from CNN’s Business Editor at Large, Richard Quest, who said on the recent broadcast of CNN’s “New Day” that inflation is likely to continue being a problem for the foreseeable future, even if it slows down somewhat.
Commenting on that, Quest said:
“[Y]ou’re going to see inflation continue to rise for the foreseeable future. It might slow down a bit, but prices are going to continue to rise, for the foreseeable future. That is going to happen.”
Giving his take on why that’s going to happen, Quest then continued, highlighting certain industry and world factors that will continue to be inflationary in the short term, saying:
“Oil and gas [are] designated and driven by external factors. So, you’re going to be looking at Ukraine. You’re going to be looking at Saudi [Arabia]. You’re going to be looking at the ability of Texas and North Dakota and South Dakota to generate more oil and gas. Those are the factors.”
He then highlighted what the Federal Reserve is doing, raising the interest rates in 0.75% increments, and said that while those interest rate increases are “crucial”, that saga will need to play out over the next year to be effective. In his words:
“But we are — the medicine that the Fed is delivering has only just started. This, I think, is crucial, people see rates going up by three-quarters of a percent twice. And they think, ‘oh, it’s all going to happen.’ We’re talking about later this year, early into next, mid into next.”
Quest’s comments are similar to those of the President and CEO of the Minneapolis Federal Reserve Bank, if somewhat less dire. He, commenting on the persistent problem of inflation when speaking on CBS’ “Face the Nation”, said:
“It’s very concerning. We keep getting inflation readings, new data that comes in as recently as this past week, and we keep getting surprised. It’s higher than we expect.
“And it’s not just a few categories. It’s spreading out more broadly across the economy and that’s why the Federal Reserve is acting with such urgency to get it under control and bring it back down.”
Team Biden obviously wants to move on from inflation, which is proving to be a major albatross around Biden’s neck. Their ability to do so, however, is looking doubtful, as the problem is a persistent one and is showing few signs of letting up right now, whatever Biden says.
By: Gen Z Conservative, editor of GenZConservative.com. Follow me on Facebook and Subscribe to My Email List
This story syndicated with permission from Will, Author at Trending Politics