This past Monday, Democrat President Joe Biden angrily fired back at Fox News reporter Peter Doocy after Doocy asked about inflation and the currently upcoming midterm elections.
“Do you think inflation is a political liability for midterms?” questioned Doocy.
“It’s a great asset, more inflation,” Biden snapped back. “What a stupid son of a b****.”
WATCH: Joe Biden calls a reporter asking about inflation a “stupid son of a bitch.” pic.twitter.com/1QiJzZs6HY
— RNC Research (@RNCResearch) January 24, 2022
This new lashing out on Doocy comes in the wake of another attack made by Old Uncle Joe on Jacqui Heinrich, another Fox News reporter, this past week after Heinrich questioned Biden concerning the currently ongoing situation in Ukraine.
“Why are you waiting on Putin to make the first move, sir?” Heinrich put forward in reference to Biden not making any seemingly noticeable actions to try to deter Russian aggression.
In response, Biden just laughed them off saying, “What a stupid question.”
This back and forth cropped up after Larry Summers, who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama, issued a warning earlier on this past month that the U.S. is trudging toward “higher entrenched inflation.”
” think the data flow is saying what I’ve thought for quite some time that, yes, there are transitory elements in inflation, and very likely they will recede, but we are basically moving towards higher entrenched inflation,” stated Summers. “It’s there in expectations, it’s there in wages, it’s there in labor shortages, it’s there in the pervasive pattern across many different prices.”
“And people try to excuse it by picking this figure and that figure from month to month, but we’ve got an overheated economy, and the Fed’s gonna have a very real challenge of cooling that economy off and doing it in a controlled way,” he went on to state. “That has not been done very successfully in the past. So it’s going to be a very challenging year for macroeconomic policy.”
When questioned on if top White House officials were correct in stating that the inflation problem was a direct result of “a supply side problem,” stated Summers, “No, he’s wrong.”
“We have a massive, overheated labor market,” Summers went on. “We have the highest ratio of vacancies to unemployment in the country’s history, by a large margin. We have shortages of labor, in everything from psychotherapy, to McDonalds, in everything from investment analysts to gardeners, that suggests a surfeit of purchasing power and demand relative to the capacity of the economy to produce and unless we bring those things into balance, we’re going to have not just higher inflation, but possibly even accelerating inflation. And we need to recognize that we have an overheated economy that we are going to need to cool off.”
Summers later added, “Every time a Washington policy maker suggests that this is caused by corporate greed or some such, they are delaying the date at which we will achieve the credibility necessary to bring down inflation with stable employment.”
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