W.H. Economic Adviser Bernstein: I Won’t Admit I Got Inflation Wrong Because ‘What I Said Then Was V

[mystery-ak]

W.H. Economic Adviser Bernstein: I Won’t Admit I Got Inflation Wrong Because ‘What I Said Then Was Very Much the Case’

Ian Hanchett 4 Jun 2022

On Friday’s “MSNBC Prime,” White House Council of Economic Advisers member Jared Bernstein refused to admit he got inflation wrong the same way Treasury Secretary Janet Yellen earlier in the week admitted she got inflation wrong — in part due to her failure to fully understand supply problems — and argued that what he said back in 2021 “was very much the case.” And “I’m not going to re-litigate who was right and who was wrong a year ago.”

After playing a clip of Bernstein downplaying the longevity of inflation in October 2021, host Mehdi Hasan asked, “Do you want to join with Janet Yellen and apologize for getting that analysis wrong?”

Bernstein responded, “No, I mean, what I said then was very much the case. And, in fact, at the time, the Federal Reserve, virtually every economic forecaster, the Congressional Budget Office were all saying what I said there. Look, I think the key question right now is what are we doing to help ease prices at the pump? I’m not going to re-litigate who was right and who was wrong a year ago. I want to talk about what we’re doing now, and the president has articulated three — a three-pronged approach.”

https://www.breitbart.com/clips/2022/06/04/w-h-economic-adviser-bernstein-i-wont-admit-i-got-inflation-wrong-because-what-i-said-then-was-very-much-the-case/

[DB]

If you can't learn from your mistakes then you are completely incompetent.

But any "economist" who thinks you can throw trillions of dollars of money created out of thin air into the economy and not cause drastic inflation is a moron to begin with.

[240B]

But any "economist" who thinks you can throw trillions of dollars of money created out of thin air into the economy and not cause drastic inflation is a moron to begin with.

Unrestricted constant printing 'new money' combined with shutting down oil drilling and refineries, is a very clear unmistakable recipe for inflation. Anyone who says they did not see inflation coming is either an ignorant fool or a liar.

[DCPatriot]

He's right.

Inflation was "Transitory", going into a full blown Venezuelan-type crisis.  /s

[Cyber Liberty]

He's right.

Inflation was "Transitory", going into a full blown Venezuelan-type crisis.  /s

Why the "/s?"  That is very much the slope we're on.

[240B]

Why the "/s?"  That is very much the slope we're on.

When the $100 dollar bill replaces the current $10 dollar bill, and the $10 dollar bill replaces the $1, and all savings and retirement plans are wiped out, only then will the Biden Administration claim 'victory' in their disastrously destructive war against everything American.

[DCPatriot]

Why the "/s?"  That is very much the slope we're on.

The "half-life" of the Optimism Vaccine from listening to Rush Limbaugh refuses to allow me to despair.

At the same time, my 76 year old body/brain has run out of sh*ts to give.   

[240B]

Biden admin excuses: All we did was add eggs, sugar, milk, and baking power to some flour. Then we baked it for half an hour in a pan. How could we possibly know it would turn into cake!?

Not our fault! We never saw 'cake' coming. It was a complete surprise. We thought cake was impossible with what we were doing? It's all Putin's fault!

Everything the Biden administration has done has been methodical and calculated. None of it is incompetence or 'a mistake'. If all of this was incompetence or a mistake, then they would reverse course and fix it. But of course they refuse to fix anything they have done. Because the outcomes are what they want. They know exactly what they are doing. It is all intentional and is being done with extreme malice.

Biden himself is not to blame. Biden is a senile imbecile who has no idea what is happening around him unless ice-cream is involved. However the people controlling his staff and controlling co-President Jill, have an undeniable agenda to destroy America, as is glaringly evident with everything they do.

[Killer Clouds]

With these DCP morons there's nothing like doubling down on stupidity.

[christian]

When the whoring is completely maxed out, it then becomes time for denials to the point of utter stupidity.  TheY follow the ole playbook like they don't have brains of their own.  There is a serious stupidity of playing the game out this way, exposing themselves so completely.

[IsailedawayfromFR]

If you can't learn from your mistakes then you are completely incompetent.

That is basic.  It is also incompetency to not learn from the mistakes made by others.  It is why we have history to learn economic principles..

[240B]

There is a serious stupidity of playing the game out this way, exposing themselves so completely.

The Democrats sold their soul to get rid of Trump. And now, they have exposed themselves utterly as an anti-America, anti-Christian, anti-Jewish, totalitarian regime. As you say, their very devout religious zealotry to oust Trump at any cost, made them expose who they really are.

The idea that any "not dead and not a comic book character" citizen in America would vote Democrat is a mystery? It is like they vote away their own 'Rights' in favor of their own subjugation to an abysmally corrupt "State".

"Hey man! I'm like cool an shit ... I only vote Democrat." <- forgetting that the KKK is a Democrat founded funded and populated institution.

[Hoodat]

On Friday’s “MSNBC Prime,” White House Council of Economic Advisers member Jared Bernstein .  .  .

One would think that someone on a council of economic advisors would at least have some instruction in economics.

Jared Bernstein educational background:

Manhattan School of Music - BA in Music
Hunter College - MA in Social Work
Columbia University - MA in Philosophy, PhD in Social Welfare

[Killer Clouds]

One would think that someone on a council of economic advisors would at least have some instruction in economics.

Jared Bernstein educational background:

Manhattan School of Music - BA in Music
Hunter College - MA in Social Work
Columbia University - MA in Philosophy, PhD in Social Welfare

That seems about right for this administration. Qualifications have nothing to do with the job.

[Free Vulcan]

I Won’t Admit I Got Inflation Wrong Because ‘What I Said Then Was Very Much the Case’

The real world calls this clueless, ignorant, incompetent, fraud, quack, poseur, moron...pick your adjective.

[Smokin Joe]

Biden admin excuses: All we did was add eggs, sugar, milk, and baking power to some flour. Then we baked it for half an hour in a pan. How could we possibly know it would turn into cake!?

Not our fault! We never saw 'cake' coming. It was a complete surprise. We thought cake was impossible with what we were doing? It's all Putin's fault!

Everything the Biden administration has done has been methodical and calculated. None of it is incompetence or 'a mistake'. If all of this was incompetence or a mistake, then they would reverse course and fix it. But of course they refuse to fix anything they have done. Because the outcomes are what they want. They know exactly what they are doing. It is all intentional and is being done with extreme malice.

Biden himself is not to blame. Biden is a senile imbecile who has no idea what is happening around him unless ice-cream is involved. However the people controlling his staff and controlling co-President Jill, have an undeniable agenda to destroy America, as is glaringly evident with everything they do.

I agree. Incompetents, even the 'best' of them, manage to screw up and get something right once in a while.

This is calculated, and entirely competently bent on damaging this country as much as possible.