Biden Chief of Staff shares tweet claiming inflation is a ‘high-class problem’
In fact, by definition, inflation hurts people more the less money they make, as groceries and gasoline take up more of their budget.
President Joe Biden’s chief of staff appears to believe that inflation is a problem only for wealthier people, not middle-income and poor people.
“Most of the economic problems we're facing (inflation, supply chains, etc.) are high class problems. We wouldn't have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem,” Jason Furman, a Harvard economist and former adviser to President Obama, tweeted on October 13.
Klain retweeted it and added “This” with fingers pointing down, indicating he agreed with the sentiment.
Inflation actually hurts people more the less money they make. For example, if someone makes $50,000 per year, and the price of gasoline goes from $2.00 per gallon to $3.00 per gallon, more of that American’s money goes to gasoline. This leaves them less money for food, clothes or toys for their kids.
The White House wants to redirect attention away from inflation, because Biden’s economic agenda is leading to skyrocketing inflation.
“The latest inflation reading shows that prices rose by 5.4 percent on an annualized basis in September as supply chain bottlenecks, worker shortages and high demand kept prices rising, according to data released Wednesday by the Bureau of Labor Statistics,” NBC News reported.
The Biden administration has paid people to stay at home instead of going to work. It’s also pumped trillions of dollars into the economy, despite the fact there was already pent-up demand for consumer spending, coming out of COVID lockdowns.
Do you think Biden needs to apologize for his economic policies? Should Ron Klain resign? Let us know below!