White House Chief of Staff Ron Klain agreed Wednesday that the U.S. economic problems are ‘high class problems’
Ronald Klain claimed Wednesday evening that the current U.S. economic issues, including inflation and supply chain delays, are just ‘high class problems’.
Jason Furman, a Harvard Economics professor and former chairman of President Barack Obama’s Council of Economic Advisers, tweeted: ‘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,’ he added of earlier rates. ‘We would instead have had a much worse problem.’
Klain, President Joe Biden’s chief of staff, retweeted the post along with, ‘This’ and two emoji fingers pointing down to the tweet – indicating his agreement.
He also retweeted a post from Democratic Connecticut Senator Chris Murphy, who wrote: ‘In an economy that gives power to workers, not just employers, people quit their jobs all the time to start better jobs. Economic mobility is a good thing. Not a bad thing.’
Prices are surging in the U.S., in one part due to ships being stranded at ports as they wait for trucks to take the shipping containers, which is leading to shortages and delays and further exacerbating rising inflation.
He was responding to a tweet from Obama’s former chairman of the Council of Economic Advisers who said problems would be ‘much worse’ if the unemployment rate was still 10%
Klain also retweeted a post from Connecticut Sen. Chris Murphy on claiming people are quitting their jobs to start better jobs as minimum wage jobs see a shortage of workers
White House Press Secretary Jen Psaki confusingly said during her briefing on Wednesday that inflation has actually decreased by 50 per cent in recent months, despite all numbers pointing to the contrary.
‘We’ve seen a decrease over the course of time,’ Psaki told reporters. ‘Over the second and third quarter of this year, monthly inflation increases have actually decelerated.’
Compared to September 2020, consumer prices have risen 5.4 per cent, according to Labor Department data released on Wednesday.
This indicates a 13-year high in inflation.
In response, the Social Security Administration announced Wednesday that it is rolling out its largest cost of living increase in nearly 40 years.
Biden also announced Wednesday a deal that will expand operations at the Port of Los Angeles as the shipping container traffic jam threatens the economy and holiday shopping. There have been a slew of warnings that there will be a shortage of goods around the holiday season this year.
White House Press Secretary Jen Psaki confusingly said Wednesday inflation has fallen by 50% in recent months, despite Labor Department numbers showing compared to September 2020, consumer prices have risen 5.4 per cent
Social media erupted in criticism over Klain’s tweet Wednesday, claiming Biden’s top aide was downplaying hardships Americans are experiencing as inflation rises and unemployment remains high – at 4.8 per cent, the Bureau of Labor Statistics (BLS) revealed in its job report on Friday.
‘Struggling to pay for food, fuel, and housing because of rising prices is not a ‘high class problem,’ tweeted Tommy Pigott, the rapid response director for the Republican National Committee. ‘Biden is making everyone worse off, but instead of stopping the damage, their strategy is to try to gaslight Americans.’
When the pandemic first struck the nation in early 2020, the unemployment rate reached a frighteningly high rate of 14.7 per cent. The latest numbers are the lowest since then.
The BLS also released in the report that the U.S. added only 194,000 jobs in September.