Here’s what happened
According to The Daily Wire, Council of Economic Advisers Chair Cecilia Rouse slammed President Joe Biden stating that he has been spending massive amounts of money.
These are very serious concerns and we know that coming out of an extremely deep recession that there are going to be bumps along the way. So we expect that there have been supply chain disruptions that will cause some transitory increases in prices,” Rouse said. “We know that there are some places where employers are struggling to find workers because, let’s face it, we’re still in the middle of the pandemic. Some workers would like to go back to work but they don’t have child care, their schools are not open, and the pandemic is still out of control in certain parts of our country.”
“So when we get to the other side of this pandemic, I fully expect that our labor market will come back and be flourishing. That said, we do expect some transitory price increases. The Fed expects that as well. We do not see evidence that at the moment those are — have become what we call de-anchored so that we expect runaway inflation,” she claimed. “But that said, we know we have to be vigilant and we are watching the data. But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession.” You can read the full article here.