Deputy Treasury Sec’y: Biden Helped Lower Inflation, But Food Companies Are Gouging

[mystery-ak]

Deputy Treasury Sec’y: Biden Helped Lower Inflation, But Food Companies Are Gouging

Ian Hanchett 27 Apr 2024

On Friday’s broadcast of the Fox Business Network’s “Cavuto: Coast to Coast,” Deputy Treasury Secretary Wally Adeyemo commented on the PCE inflation report and stated that inflation has dropped and they expect it to continue to do so and that food companies need to pass cost savings to consumers.

Adeyemo said, [relevant remarks begin around 1:10] “So, it’s important to remember where we’re coming from in order to understand where we’re going. And if we were talking a year and a half ago, inflation would have been far higher, but because of the action the President’s taken and the Fed has taken, inflation has come down. Our expectation is that, over the course of the year, it will continue to come down. But we know that there’s more we need to do to reduce costs for the American people and it’s job number one for the President. That’s why he’s been focused on making sure that we reduce the cost of prescription drugs, when you look at what we’ve done with insulin, and he’s called on Congress to expand that by making sure that, for all Americans, they don’t have to pay more than $2,000 for prescription drugs a year going forward. There are a number of steps the President wants to take in terms of building additional housing to bring down the cost of housing and to help us expand the supply of things in the economy that will help us bring down costs for Americans, and that’s what we’re focused on today.”

Guest host Edward Lawrence then asked, “But that’s all for a small group of Americans, bringing costs down. Since President Biden came into office, food prices, for example, are up 21% and the average hourly wages are down 2.5%, that’s from January of 2021. So, now we’re seeing inflation go up again and GDP slowing. So, is this the start of stagflation?”

Adeyemo answered, “No. When you look at incomes, incomes are growing faster than inflation, and when you look at food costs, those have also stabilized. And what we know to be true is that input costs are coming down. So, one of the things the President’s called on companies to do is to pass those cost decrease…to the American people.”

more
https://www.breitbart.com/clips/2024/04/27/deputy-treasury-secy-biden-helped-lower-inflation-but-food-companies-are-gouging/

[DB]

Says the man who has produced nothing.

[libertybele]

Never heard of ya Wally, nor do I believe your crappola regarding food company's gouging.

[Hoodat]

Yet another person in government who is a total idiot when it comes to economics.

[Smokin Joe]

Nitwit. Biden raised the price of producing and transporting everything in the store with his war on oil, starting day one. Double the price of motor fuels with hostile policies, and that will be reflected in the price of the goods those motors transport.

That does not include extra costs for the energy consumed to keep produce from turning to goo, meat from decomposing, and the cost of the feedstocks that provide the chemicals to make plastic packaging, and other products.

I'd say it's pretty much all on Biden, and trying to shift the blame to producers who are as much victims as shoppers, is just one more example of his incontinent prevarication.

If he was wearing a mask, the BS stain would be apparent to all.

[PeteS in CA]

From https://en.wikipedia.org/wiki/Wally_Adeyemo :

Adeyemo was born to Yoruba parents in Ibadan, Nigeria, and raised in Southern California. His father was a teacher and his mother was a nurse. He has two younger siblings. After graduating from Eisenhower High School in Rialto, California in 1999, he received a bachelor of arts degree from the University of California, Berkeley in 2004 and a juris doctor degree from Yale Law School in 2009.

He held banking and economics related positions in the OhBummer! MalAdministration, but he has zero experience in actually running a business, let alone a food processing business.