White House denies need for economic policy pivot as inflation remains near record-high
foxnews.comThe White House denied it should pivot its economic policies Thursday after September's consumer price index indicated Americans are still battling record-high prices just weeks before the midterms.
Jared Bernstein of the White House Council of Economic Advisers joined "America's Newsroom" to discuss the latest inflation data and why the Biden administration should not alter its current policy. "Because the policies that we're doing to help mitigate and ease price pressures are having effect," Bernstein told Bill Hemmer and Dana Perino. "For example, look at the supply side of the economy.
Supply chains, shipping costs, air freight costs are significantly down. Goods are getting to ship to shelf at the same level they did pre-pandemic." Despite President Biden the signing of the Inflation Reduction Act in August, inflation numbers are expected to return to 40-year-highs for September. (Drew Angerer/Getty Images) "Now go into this report, the one that came out this morning, and look at goods inflation.
It was flat if you take out energy. Now, you mentioned that energy prices went up in September. In fact, according to this month's CPI, energy prices fell 2% in September, and gas prices fell." The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month.
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