White House thinks inflation and supply-chain woes are 'high class problems'

White House thinks inflation and supply-chain woes are 'high class problems'
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White House chief of staff Ron Klain endorsed former Obama administration economist Jason Furman's claim that the country's inflation, supply chain, and other economic problems only affect a small part of the U.S. population.

Furman, the chairman of former President Barack Obama's Council of Economic Advisers and an economics professor at Harvard University, tweeted Wednesday night that "most of the economic problems we're facing ... are high class problems."

WHITE HOUSE INSISTS INFLATION IS DECREASING AFTER RECORD-SETTING NUMBERS

"We wouldn't have had them if the unemployment rate was still 10%," he continued. "We would instead have had a much worse problem."

Klain, who frequently uses his Twitter account to amplify the White House's policy focus, quoted Furman's statement shortly after.

The White House has spent months downplaying concerning inflation signals, and on Wednesday, White House press secretary Jen Psaki suggested that the 5.4% Consumer Price Index increase for September 2021, the highest mark in 13 years, actually showed inflation was decreasing.

"We've seen a decrease over the course of time," she told reporters in her Wednesday briefing. "Over the second and third quarter of this year, monthly inflation increases have actually decelerated."

Psaki also suggested that most people are not closely monitoring "cost-to-cost comparisons from this year to two years ago."

"What we are doing is working to use every tool at our disposal to ease the impact on the American people, ease impact on families as we look to the holidays but certainly beyond," she said, touting the administration's efforts to boost the economy in response to the pandemic. "We can't overpromise here, and I'm not going to do that because we know there are a lot of issues in the global supply chain."

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You can watch Psaki's entire Wednesday briefing below.

Washington Examiner Videos

Tags: News, Jen Psaki, White House, Ron Klain, Shipping, Inflation, Harvard University, Economy

Original Author: Christian Datoc

Original Location: White House thinks inflation and supply-chain woes are 'high class problems'

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