Democratic House Minority Leader Hakeem Jeffries of New York attempted to cast away blame about the causes of inflation under President Joe Biden during a Tuesday CNBC interview.
Since Biden and Vice President Kamala Harris took office in January 2021, prices have skyrocketed by over 20%, with the Consumer Price Index (CPI) reaching a recent high of 9% in June 2022. CNBC host Joe Kernen pressed Jeffries about the increased “cost of living” that has occurred due to inflation, which reached a more than 40-year high during the Biden administration.
“You would attribute the 40-year highs in inflation and — I think overall it’s about a 20% increase in the cost of living — you would attribute most of that to price gouging?” Kernen asked Jeffries, who claimed, “You’re putting words in my mouth.”
“No, I’m asking,” Kernan responded.
Vice President Kamala Harris announced her support for a federal ban on so-called “price gouging” during a Friday speech on economic policy in North Carolina. The Federal Reserve of San Francisco released a report in May that said corporate markups were not “a main driver” of price increases following the COVID-19 pandemic.
“Let’s talk about the economy, and let’s level set. Inflation is down, the stock market is way up. Last time I checked, the Dow Jones was north of 4,000. That should be something that you and other people should be very pleased about,” Jeffries claimed. “More than 15 million private sector jobs have been created. There has been tremendous progress made for the American people. But we also recognize that there are challenges that remain, including the need to address the cost of living.”
Larry Summers, who served as Secretary of the Treasury in the Clinton administration and as an economic advisor to former President Barack Obama, warned about potential inflation resulting from excessive spending in a Feb. 24, 2021, op-ed in The Washington Post as President Joe Biden pushed for the costly American Rescue Plan. Former Obama administration official Steve Rattner also warned about the risk of inflation due to Biden’s spending proposals in a March 5, 2021, op-ed in The New York Times.
“Now, President Biden inherited three different catastrophes from the previous administration at the same time: a public health catastrophe connected to the COVID-19 pandemic and Donald Trump’s mismanagement of that crisis, President Biden inherited an economic catastrophe connected to the shutdown of the economy necessitated by the COVID-19 pandemic and President Biden and Kamala Harris also inherited a democracy catastrophe connected to the Jan. 6 violent assault on the Capitol incited by the former president,” Jeffries continued. “And in the context of these three catastrophes, I think that President Biden and Kamala Harris have done a very good job navigating America through a very turbulent point.”
Read: Rising Crime Rates Clash With Biden’s DNC Speech Claims As Critics Highlight Flaws In Official Data
The CPI increased just 1.4% year-over-year in January 2021, when Trump left office, while the average price for a gallon of gas was around $2.25, according to GasBuddy.com. Prices increased by 2.9% year-over-year in July.
“Yeah, on the economic catastrophe, which I presume you’re getting ready to ask about, clearly you had the economy shut down, and so the supply chain suffered consequences connected to that. The economy reopened, demand came roaring back, and there was supply issues,” Jeffries said. “Now, eventually, supply and demand should have met up with each other, and it’s not clear that in some of these instances, even when talking to retailers, some of the major retailing companies, that the prices that the American people are experiencing are consistent with what the market should bear. That’s a reasonable inquiry for us to look into on behalf of everyday Americans, and I think that’s the starting point.”
Please make a small donation to the Tampa Free Press to help sustain independent journalism. Your contribution enables us to continue delivering high-quality, local, and national news coverage.
Android Users: Download our free app to stay up-to-date on the latest news.
Connect with us: Follow the Tampa Free Press on Facebook and Twitter for breaking news and updates.
Sign up: Subscribe to our free newsletter for a curated selection of top stories delivered straight to your inbox.
First published by the Daily Caller News Foundation.