Chief economist Jared Bernstein admits there’s nothing ‘transitory’ about inflationBy Steven Nelson
July 18, 2022
White House chief economist Jared Bernstein admitted Monday that the Biden administration’s use of the word “transitory” to describe soaring inflation gave Americans the false impression that price hikes would be temporary.
Bernstein made the admission — amid concerns of a looming recession — as he claimed the economy was in great shape to a skeptical White House press corps.
The Council of Economic Advisers member claimed ordinary people misunderstood the term last year when it was put forward by the Biden administration to describe inflation, which continued to soar, hitting a fresh 41-year annual record of 9.1% in June.
And he proceeded, in a presentation at the top of the press secretary’s daily briefing, to use inaccessible economic terms to reassure reporters that a recession is unlikely — or at least try and give that impression.
Ashley Parker of the Washington Post asked Bernstein, “What made the White House realize that the [term ‘transitory’] was inaccurate and also politically problematic?”
“I think it has to do with the — I’m going to use an economic term, periodicity,” Bernstein said.
“The what?” Parker asked.
“See, this is why you do a better job than I do,” he said in an apparent attempt at self-deprecating humor. “I think it has to do with the ambiguity about the length of that word, is what it has to do with. I think it has to do with the ambiguity about the length of that word.
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Source:
https://nypost.com/2022/07/18/chief-economist-jared-bernstein-admits-theres-nothing-transitory-about-inflation/
