Inflation ‘much exacerbated by Putin’s war’ — ‘I’m not going to get into granular prognoses’

During an appearance Monday on CNBC’s “Squawk Box,” Jared Bernstein, a member of the White House Council of Economic Advisers, doubled down on his blame by blaming inflation for Russia’s invasion of Ukraine. record.

Bernstein said Russian President Vladimir Putin’s war in Ukraine “has made the cost of goods much worse.” He added that no one knew that Putin would invade Ukraine or that the coronavirus would have variants like Delta and Omicron.

“If you listen to the president’s three-point plan on fighting inflation, he put Fed independence number one for a reason,” Bernstein explained. “It is the main inflation-fighting institution here and around the world, and inflation, of course, greatly exacerbated by Putin’s war, is, in fact, a global problem. So we need an independent Fed, and I’m not going to get into granular predictions.

I think the most important lesson is that when you live in an uncertain world, when people were making the predictions that they made, nobody knew about Delta and Omicron, nobody knew about the invasion of Ukraine by Cheese fries. In a world characterized by geopolitical and economic uncertainty, what you need is a White House that understands the importance of insurance policies. Now, what do I mean by insurance? I mean a bailout that gets shots in the guns and checks in the pockets and makes sure it’s big enough to have resources that cities and towns can use when uncertain things don’t could not have been seen arise.

Follow Trent Baker on Twitter @MagnifiTrent

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