>> President Biden: IF WE MAKE
THESE INVESTMENTS NOW WITH
INTEREST RATES AT HISTORIC LOWS
WE’LL GENERATE MORE GROWTH,
HIGHER INCOMES, A STRONGER
ECONOMY.
>> I REALLY DO NOT EXPECT THAT
WE’LL BE IN A SITUATION WHERE
INFLATION RISES TO TROUBLING
LEVELS.
>> IS THERE A RISK OF INFLATION?
I THINK THERE IS A SMALL RISK
AND I THINK IT’S MANAGEABLE.
>> Sandra: WHAT A DIFFERENCE A
YEAR MAKES.
AMERICANS ARE FEELING THE CRUSH
OF HISTORIC INFLATION AFTER THE
PRESIDENT AND HIS TEAM
REPEATEDLY INSISTED IT WOULD
NOT BE A PROBLEM AND IT
CERTAINLY IS.
LET’S BRING IN FOX BUSINESS
ANCHOR DAVID ASMAN.
GREAT TO SEE YOU THIS MORNING.
EVEN THE "WASHINGTON POST" OUT
WITH A LENGTHY PIECE ATTACKING
JUST THAT, HOW POLICYMAKERS IN
THIS COUNTRY MISJUDGED THE
INFLATION THREAT AND THIS
MASSIVE INFLATION CAUGHT
WASHINGTON BY SURPRISE.
DATE BY DATE HOW IT WAS DONE IN
WASHINGTON
>> YOU TALKED TO GENE SPERLING
YESTERDAY.
THEY DON’T HAVE ANSWERS.
THEY COME OUT A YEAR AGO, WE
ALL REMEMBER THOSE BARBECUES
THAT WERE SUPPOSED TO COST LESS
THAN THEY DID THE YEAR BEFORE
TO TRY TO CONVINCE AMERICANS
THERE WAS NO INFLATION.
WE ALL FOUND OUT THAT JUST
WASN’T TRUE.
AND IT WASN’T PASSING THE
MUSTER EVEN WITH THE
"WASHINGTON POST".
THE "WASHINGTON POST", THE
EDITORIALS HAVE BECOME MUCH
MORE CRITICAL OF JOE BIDEN.
YOU COMPARE THEM TODAY WITH THE
WAY THEY WERE A YEAR AGO.
THERE IS A FUNDAMENTAL SHIFT IN
THE EDITORIAL PAGES OF A LOT OF
LIBERAL NEWSPAPERS LIKE THE
"WASHINGTON POST" BUT LEADING
WITH THE "WASHINGTON POST"
BECAUSE AGAIN THEY FOCUS ON THE
PROBLEMS THAT ARE FACING
AMERICANS AND THEY FIND OUT
THAT THE WHITE HOUSE IS NOT
FOCUSING.
THEY DEFLECT.
WHOSE FAULT IS IT, THE
INFLATION WE NOW HAVE?
BIDEN PUT IT ALL ON THE FED
LAST WEEK AND NOW JANET YELLEN
IS BECOMING THE FALL WOMAN FOR
THE SITUATION.
THE ADMINISTRATION WON’T TAKE
RESPONSIBILITY FOR INFLATION.
ITS ROLE IN INFLATION.
ONE IN TERMS OF SPENDING MONEY
THEY DON’T HAVE AND THEY JUST
ARE COMING OUT WITH THIS NEW
STUDENT LOAN STUNT AS THE
"WASHINGTON POST" CALLS IT OF
SPENDING ABOUT $300 BILLION FOR
RELATIVELY WELL-OFF STUDENTS
AND FAMILIES WHO THEY WILL GET
THIS ENORMOUS GIFT, A $10,000
WRITE-OFF ON THEIR LOANS.
IT WILL COST $300 BILLION.
YOU ADD ALL THE SPENDING UP AND
IT CAUSES INFLATION.
IT IS THE ADMINISTRATION, NOT
THE FED.
THE FED HAS A ROLE TO PLAY BUT
THE PRIMARY ROLE IS SPENDING
TRILLIONS AND TRILLIONS OF
DOLLARS THAT THEY DON’T HAVE
THAT THE FED THEN HAS TO
MONETIZE BY PRINTING MONEY.
>> Bill: A STRATEGY TO GIVE IT
ALL OUT.
JANET YELLEN AGREES TO GO ON
CNN AND SAYS THIS WITH WOLF
BLITZER.
>> I WAS WRONG THEN ABOUT THE
PATH INFLATION WOULD TAKE.
THERE HAVE BEEN UNANTICIPATED
AND LARGE SHOCKS TO THE ECONOMY
THAT BOOSTED ENERGY AND FOOD
PRICES.
AND SUPPLY BOTTLENECKS THAT
HAVE AFFECTED OUR ECONOMY BADLY
THAT I AT THE TIME DIDN’T FULLY
UNDERSTAND.
>> Bill: SHE IS RIGHT ABOUT A
LOT OF WHAT SHE IS SAYING BUT
YOU HAVE THE $2 TRILLION PUMPED
IN DURING THE EARLY PART OF THE
ADMINISTRATION.
THERE IS A BUNCH OF THINK
PIECES OUT TODAY.
NBC HAS ONE.
CNN HAS ONE AND "POLITICO".
IF YOU THINK ABOUT WHAT THE
STRATEGY WAS IN 2009 UPON
REFLECTION THE OBAMA
ADMINISTRATION DID NOT THINK
THEY WENT BIG ENOUGH, RIGHT?
AND SO JOE BIDEN THINKS WE GOT
TO REALLY GO BIG HERE AND THEY
WENT BIG.
>> THAT LEADS TO THE QUESTION
WHO IS FORMING THIS POLICY?
A LOT OF PEOPLE SAY THIS IS
OBAMA’S THIRD TERM WHAT WE’RE
SEEING RIGHT NOW.
YOU FOCUS WITH GENE SPERLING ON
THIS, WHO IS FORMULATING THE
POLICIES?
WHERE DID THE FIGURES COME FROM?
WHO IS FORECASTING?
GENE SPERLING, AN INSIDER IN
THE ADMINISTRATION COULDN’T
ANSWER THAT QUESTION.
HE NEVER DID AS FAR AS I
REMEMBER YESTERDAY.
BUT THE POINT IS THAT THEY COME
OUT TIME AND AGAIN WITH STUFF
THAT JUST IS NOT TRUE.
THIS ARTICLE BY JOE BIDEN
YESTERDAY IN THE "WALL STREET
JOURNAL." I USED TO BE THE
OP-ED EDITOR OF THE "WALL
STREET JOURNAL." IF THIS HAD
BEEN WRITTEN BY ANYBODY OTHER
THAN THE PRESIDENT I WOUND HAVE
ACCEPTED IT.
THERE WERE SO MANY FALSEHOODS.
IN JANUARY 2021 WHEN I TOOK
OFFICE ECONOMY STALLED.
THAT WASN’T TRUE.
IT WAS GROWING AT 4 1/2%.
WE JUST HAD A QUARTER THIS
YEAR, THE FIRST QUARTER OF THIS
YEAR WAS DOWN 1.5%.
SO THE ECONOMY IS FALLING.
>> Sandra: NOT TO MENTION
THAT’S A BLUEPRINT FOR HOW THEY
PLAN TO FIX THE PROBLEM.
WE HAVE ECONOMIC NUMBERS ABOUT
TO COME OUT COULD SHOW THIS IS
AN EVEN TIGHTER MARKET.
>> THEY ARE DELAYED A DAY AND
COMING OUT TOMORROW.
THE OTHER NUMBER THAT’S COMING
OUT TODAY IS THE 11.5 MILLION
UNFILLED JOBS.
WE DO HAVE A SURPLUS OF JOBS.
BUT IF WE GET ANOTHER NEGATIVE
GROWTH QUARTER, THAT IS IF WE
HAVE TWO QUARTERS BACK-TO-BACK
WITH GROWTH THAT’S AN OXYMORON,
A CONTRACTION OF THE ECONOMY.
THAT’S A RECESSION.
IF THAT HAPPENS, THOSE 11.5
MILLION UNFILLED JOBS WILL DRY
UP IN NO TIME BECAUSE THE
COMPANY IS OFFERING THOSE JOBS
WON’T BE AROUND.