MSNBC host Chris Jansing pushed back Thursday against National Economic Council Director Brian Deese after Deese tried to deflect from record high inflation by pointing out “strong economic growth” under the Biden administration.
“Back to that big inflation number, what we pay for goods and services up 7.5% from this time last year, that’s the highest in four decades,” Jansing said. “For the average American, snacks for the Super Bowl cost more, the gas to get to the party costs more, rental costs are a third of the CPI. What is your answer to the real-world narrative, which is things don’t feel great out here?”
“We have historically strong economic growth overall, the strongest in forty years, and the strongest job growth and labor market outcomes ever recorded,” Deese said. “And as a result, we’ve seen wages increase, and one good piece of news is that in January we now see that real wages after adjusting for inflation were up. But there’s no question that prices are too high.”
“But they’re not keeping up with inflation, Brian. You know that,” Jansing shot back.
Deese noted wages increased 0.7% in January, which was “higher than the increase in inflation because we’re seeing an acceleration in wage growth.”
Deese said ways to alleviate the increased cost burdens include lowering prescription drugs, creating clean energy tax credits and cutting the cost of child care. (RELATED: US Trade Deficit Reached Record High In 2021 As Imports Surged)
“There are practical ways to provide people relief,” Deese said. “We could do so without increasing the deficit and as a result not adding to inflationary pressures.”
The Bureau of Labor Statistics released data showing the consumer price index (CPI) increased 0.6% in January, bringing the inflation indicator’s year-over-year increase to 7.5%. The CPI is at a near four-decade high throughout January, growing 7.5% on a year-over-year basis, the BLS reported. Food prices are up 7.0% on a year-over-year basis while energy prices jumped 7.5%, according to the data.