The Biden administration’s Council of Economic Advisers Chair Cecilia Rouse said on Sunday that Americans will experience inflation because President Joe Biden, a Democrat, has been spending a massive amount of money.
Fox News host Chris Wallace noted that adjusting for the rate of inflation, Biden’s proposed $6 trillion in spending through his first 100 days in office is “more than six times what the nation spent to get us out of the Great Depression in the 1930s.”
Several minutes later, Wallace pointed out how former Treasury Secretary Larry Summers, who was an advisor to Presidents Bill Clinton and Barack Obama, has said that the prices of goods are already increasing.
“Can you guarantee with all the spending that we’re not going to have a new round of overheating the economy and serious inflation?” Wallace asked.
“These are very serious concerns and we know that coming out of an extremely deep recession that there are going to be bumps along the way. So