by Ian Hanchett
Breitbart.com
During an interview with Bloomberg aired on Thursday’s “Balance of Power,” White House Council of Economic Advisers Chair Jared Bernstein stated that “strong demand” did help cause inflation and he accepts that the upward pressure on prices from COVID stimulus was worth it, but inflation was about the same in every G7 country, “and they all had different fiscal and monetary policies. So, I think it’s a mistake to assign too much of that increase to fiscal policy. And I think the Republican argument is fundamentally undermined by that international comparison.”
Bernstein said, “The president realized, quickly, that it was snarled supply chains that helped cause that inflationary spike, in part, along with strong demand. And unsnarling those chains was going to be really important. But the thing that the president recognized was that we also have to worry about costs, the price level, not just inflation. And that’s why, starting shortly after that peak, we started talking about what we were doing to lower costs.”