National Economic Council Director Brian Deese attempted to paint a rosy picture of the U.S. economy on Wednesday, on the same day the Labor Department announced inflation increased at the fastest rate in 40 years in 2021.
Deese said during a White House press briefing that the U.S. is in a “uniquely strong economic position” despite Americans encountering rising prices and empty shelves in stores across the country.
He instead crafted a story in which the U.S. had excelled economically last year, noting that it experienced the largest decline in unemployment, most jobs created and the strongest economic growth in nearly 40 years. However, he failed to acknowledge that those figures come in the wake of record destruction on the economy brought on by the early days of the Covid-19 pandemic.
Biden’s NEC Director Brian Deese says the U.S. is in “a uniquely strong economic position” despite higher prices, empty shelves, and wage gains being wiped out by inflation. pic.twitter.com/snYMvLo3It
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“Given the unique strength of the United States economic recovery overall growth as well as the labor market we are well positioned to attack the challenges of prices and costs head on,” Deese said.
Wednesday’s Labor Department report showed that the consumer price index, a major inflation gauge, for all items surged 0.5 percent in December and 7.0 percent for the last twelve months ending in December, representing the largest annual spike since June 1982, when inflation hit 7.1 percent.
Deese stated that members of the media gave too much attention to the annual 7 percent rate rise.
“If we are trying to look where we are headed to, the month-to-month changes are more instructive and most independent forecasters continue to project that we will see moderation in price increases over the course of 2022,” he said.
Deese described price rises as a “global phenomenon”, which “reflects the nature of the global problem of recovering from a pandemic crises” and “reflects the nature of the global crisis of recovery.”
He dodged a question about what he an