Image Credit: screenshot/CNBC 
Joe Biden’s economic adviser Brian Deese called for more government spending in the face of historic 9.1% inflation announced by the Department of Labor on Wednesday.
In response to new consumer price index (CPI) data showing inflation at a 40-year-high, Deese in a CNBC appearance encouraged Congress to spend more money on semiconductors.
“I just want to underscore if there’s one thing to take away from this report it’s that there is more urgency now than ever in Congress moving to pass a bill to try to build more domestic semiconductors, to try to bring down the price of those goods,” Deese said.
Deese also dismissed the CPI report, claiming that gas prices have fallen by 40 cents over the last month.
“You know, it’s backward looking,” Deese said of the report, “and it doesn’t reflect what we’ve seen over the last 30 days, which is a significant decline in gas prices, down about 40 cents.”
CNBC host Carl Quintanilla saw through Deese’s “circular” argument that more spending would solve the inflation crisis.
“Although that brings us right back to the circular argument, Brian, that more spending is not what you typically do in the face of high inflation. How do we break out of that circle?” Quintanilla asked.
Deese reiterated that building more semiconductors would solve the historic inflation problem.
“No, look, I think you have to look at the unique situation that we’re in as an economy and think about how do we build more supply, how do we increase the productive capacity of our economy, so that we actually can supply more goods, bring prices down.” Deese responded. “We know the answer on semiconductors exactly. We need more supply of those goods.”
This comes a week after Deese admitted that high gas prices are a small price to pay for maintaining the “liberal world order.”
“What do you say to those families that say, ‘listen, we can’t afford to pay $4.85 a gallon for months, if not years?’” CNN host Victor Blackwell asked last Thursday.
“This is about the future of the Liberal World Order and we have to stand firm,” Deese replied.
The CPI increased to 9.1% from a year ago in June, above the 8.8% Dow Jones estimate, as costs continue to surge for energy, food, rent, and commodities across the board.
And adjusted for inflation, workers’ hourly wages fell 1% during the month and are down 3.6% from a year ago.
As Nobel Prize-winning economist Milton Friedman noted decades ago, only the government causes inflation because it – through the Federal Reserve – controls the money supply.
“There’s only one way you can stop inflation, and that’s by having the government create less money and spend less money,” Friedman said on The Phil Donahue Show.
Important words from Milton Friedman on inflation for today’s #ThursdayThoughts! pic.twitter.com/cbIiM4dqQw
— Rand Paul (@RandPaul) June 2, 2022
“We don’t create inflation by our personal behavior. We create inflation by getting our legislators, the people in Washington, to vote for more and more spending, and objecting to extra taxes, and therefore, by having it financed by printing money,” he added.
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