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.