'There's no doubt inflation is high right now. It's affecting Americans' pocketbooks. It's affecting their outlook.' 'But it's important that we put this in context. When the president took office, we were facing an all-out economic crisis.'
WASHINGTON, Nov 14 - U.S. President Joe Biden's economic advisers defended his policies on Sunday amid rising inflation that they said was a global issue related to the COVID-19 pandemic, not a result of the administration's programs.
The United States is hardly alone in enduring a bout of stiff inflation, with the Organization for Economic Cooperation and Development showing inflation running high across its 38 member countries and oil prices quadrupling in the last 18 months as economies reopened from COVID-19 shutdowns. Senate Majority Leader Chuck Schumer in an open letter to fellow Democrats on Sunday said his chamber will not take up the bill until the House passes it. Congress faces an extremely crowded agenda in the month ahead as it also needs to avert an economically catastrophic debt default by the federal government and a partial government shutdown that would be politically embarrassing for Democrats.
Biden's $1.9 trillion American Rescue Plan stimulus package in March helped Americans weather the pandemic and today spending is strong and demand is strong, Yellen said on CBS' "Face the Nation." "The pandemic has been calling the shots for the economy and for inflation," Yellen said. "And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do."
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