CNN finally admits US President Joe Biden’s leadership problems as the current high inflation is likely to continue to bring more problems for the foreseeable future.
Just recently, President Biden remains positive, ignoring the tremendous rise of gas prices ever since he won the presidential seat.
However, despite his positive and cheery comments on the cost of gasoline, CNN is starting to admit that things are now getting bad enough under his administration.
During CNN’s “New Day” broadcast on Monday, CNN Business Editor at Large and host Richard Quest claimed that inflation will “continue to rise for the foreseeable future.”
“It might slow down a bit, but prices are going to continue to rise, for the foreseeable future.” And “the medicine that the Fed is delivering has only just started. … We’re talking about later this year, early into next, mid into next.” Quest claimed.
Quest alsi admitted that “[Y]ou’re going to see inflation continue to rise for the foreseeable future. It might slow down a bit, but prices are going to continue to rise, for the foreseeable future. That is going to happen.”
The CNN host also highlighted certain industries that continue to be inflationary in the short term.
lOil and gas [are] designated and driven by external factors. So, you’re going to be looking at Ukraine. You’re going to be looking at Saudi [Arabia]. You’re going to be looking at the ability of Texas and North Dakota and South Dakota to generate more oil and gas. Those are the factors.”
Quest also noted that the Federal Reserve’s decision to increase the interest rates 0.75% will need to play out over the next year to be effective. He then acknowledged that those interest rate increases imposed by the FED are “crucial.”
“But we are — the medicine that the Fed is delivering has only just started. This, I think, is crucial, people see rates going up by three-quarters of a percent twice. And they think, oh, it’s all going to happen. We’re talking about later this year, early into next, mid into next.” Quest added.
Quest’s statement comes after the similar statement thrown by the President and CEO of the Minneapolis Federal Reserve Bank.
On Sunday, President Neel Kashkari claimed that the current status of inflation across the country is “very concerning” and “spreading out more broadly across the economy.”
“It’s very concerning. We keep getting inflation readings, new data that comes in as recently as this past week, and we keep getting surprised. It’s higher than we expect,” Kashkari lamented during an appearance on CBS’ “Face The Nation.”
“And it’s not just a few categories. It’s spreading out more broadly across the economy and that’s why the Federal Reserve is acting with such urgency to get it under control and bring it back down.” He added.
Kashkari also claimed that “for most Americans, their wages are going up, but they’re not going up as fast as inflation, so most Americans’ real wages, real incomes are going down.”
“They’re getting a real wage cut because inflation is growing so quickly. I mean typically, we think about wage-driven inflation where wages grow quickly and that leads to higher prices in a self-fulfilling spiral – that is not yet happening. High prices and wages are now trying to catch up to those high prices. Those high prices are now being driven by supply chains and the war in Ukraine among other factors. And so we need to get the economy back into balance before this really does become from a very wage drive inflation story.” He continued.
