It has often appeared as though Joe Biden and his economic staff had no idea what was going on in the economy.
If we go back to 2021, they rejected inflation at first, then said it would just be “transient,” and then they attempted to place the responsibility elsewhere other than on Biden and his policies.
Listen to Jared Bernstein, who served on Joe Biden’s Council of Economic Advisers, explain why the answer varies depending on how one defines “transitory” in 2022. This is on par with Kamala Harris’s word salad and Bill Clinton’s gall.
If you misunderstood “transitory” to indicate short-term or not intended to last, then you are to blame. Three years later, inflation is still hitting us, and that is your responsibility.
If there is not enough information about the Biden team, let us move on to a recently released video of Bernstein that is garnering a lot of attention on X. Bernstein is currently serving as chair of the Council of Economic Advisers. The producers of the recently released documentary “Finding the Money” interviewed Bernstein for the video. If you are wondering why everything is in such disarray, Bernstein’s responses could assist.
According to Bernstein, “we can print our own money, hence, the US government can never go bankrupt.”
Why are we borrowing in a currency we create ourselves if they print the dollars? Next, the interviewer queries.
“Some of the terminology and ideas are plainly unclear. The government does, after all, print money. It certainly lends that money. As a result, the government does actually issue money. It then lends that money by selling bonds. “Is this what they actually do?” It appeared that Bernstein was asking himself.
Incoherently, he said, “Sure, they sell bonds, sure, they sell bonds, and since they sell bonds, then others purchase the bonds and lend them the money.”
He said, “The terminology and concepts might be unduly complicated a lot of the time.”
Before he eventually said, “I do not get it,” he babbled on for a little while longer. I have no idea what they are discussing.”
Biden Economic Adviser Jared Bernstein on the administration having previously defined inflation as transitory:
"The lack of specificity about the cadence that was implied by that word, the temporal cadence implied by that word, led to a level of ambiguity…" pic.twitter.com/f0iWcvCRxl
— Townhall.com (@townhallcom) July 18, 2022
“It is obvious that the government prints money on a regular basis. It is evident that the government borrows. If not, we would not be discussing debt and deficits right now. Nothing ambiguous there, in my opinion.”
Okay, let’s get started. Did you understand that? Perfectly obvious, isn’t that right? Are you not happy that one of the best men is advising Biden? Is it any surprise that we have experienced these issues? This will undoubtedly comfort Americans, who already hold Joe Biden in poor regard for his handling of the economy and inflation. When you consider the individuals who are purportedly in power, the situation becomes quite frightening.
Author: Blake Ambrose
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