Biden Adviser: ‘Inflation Is Very, Very Stubborn’

On Wednesday’s broadcast of Bloomberg’s “Balance of Power,” White House Senior Adviser Mitch Landrieu stated that while there is “a fairly strong economy. It is somewhat curious. Inflation is very, very stubborn.”

Landrieu stated, [relevant remarks begin around 31:25] “If every day you wake up and predict that it’s going to rain, you will be right one day. People have been talking about this recession for a long period of time. And what the president says is listen, I think if we do this the right way, we can have stable, steady growth and we can find what we call a soft landing. This is obviously a very complicated time. But, as this president has demonstrated over the last two years, if you manage it well, if you’re really smart about it, if you’re disciplined, if you’re balanced, then actually, we’re going to get us to a better place. Every economist in the country should tell you right now that we have a fairly strong economy. It is somewhat curious. Inflation is very, very stubborn. It’s lower here than in every other [country in the] industrialized world and it has come down for the last eleven months. So, I’m not saying we’re out of the battle. And you can’t ever say that a recession is never coming. But lots of economists come on every week for the last twelve months and have predicted that it was going to rain tomorrow and it hasn’t rained yet.”

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