Happy Anniversary: White House Hits One Year Since Making a Major False Claim on Inflation

|
|
Posted: May 11, 2022 4:00 PM
Happy Anniversary: White House Hits One Year Since Making a Major False Claim on Inflation

Source: AP Photo/Evan Vucci

It's been exactly one year since White House Press Secretary Jen Psaki took to the lectern in the briefing room to declare rising inflation was "transitory" and that Americans had nothing to worry about. 

At the time, a number of economists warned a longterm inflation wave was on the way, including former Obama economic advisor Larry Summers.  After all, Democrats passed President Joe Biden's $1.9 trillion American Rescue Plan in February 2021. The inflationary effects of the legislation were felt almost immediately.

One year later and inflation just hit a new 40 year record. 

Gas prices also hit a record high to mark the anniversary. 

This sums things up well: