White House Press Secretary Jen Psaki on Monday said no one could have predicted inflation would soar to record highs.
“As a result of President Putin’s invasion of Ukraine and the impact on the global energy markets — those are all steps and impacts that I don’t think that anyone could’ve predicted a year ago,” Psaki said.
This is a brazen lie.
The US is seeing its highest inflation rate in 40 years with no end in sight.
The current Bidenflation rate is 8.5% (even that’s a lie) but Joe Biden says his top priority is fighting inflation.
Gas prices and Bidenflation spiked well before Putin’s invasion of Ukraine and numerous economists predicted inflation would not be transitory.
PutInflation in context pic.twitter.com/onADmgZWqi
— zerohedge (@zerohedge) April 12, 2022
“Calling inflation “transitory” was a historically bad move for the Federal Reserve, according to Allianz Chief Economic Advisor Mohamed El-Erian.” CNBC reported last year.
“The characterization of inflation as transitory is probably the worst inflation call in the history of the Federal Reserve, and it results in a high probability of a policy mistake,” the former Pimco CEO and current Queens’ College president said in December on CBS’ “Face the Nation.”
“So, the Fed must quickly, starting this week, regain control of the inflation narrative and regain its own credibility,” he added. “Otherwise, it will become a driver of higher inflation expectations that feed onto themselves.”