Jerome Powell Claims ‘Nobody' Predicted Inflation Would Reach Its Current State. Here Are The Economists Who Did.

Posted By TheNewsCommenter: From Dailycaller.com: “Jerome Powell Claims ‘Nobody’ Predicted Inflation Would Reach Its Current State. Here Are The Economists Who Did.”. Below is an excerpt from the article.

Federal Reserve Chairman Jerome Powell claimed Wednesday “nobody” thought that inflation would reach the levels it did, but several economists, including former Obama administration appointees, raised alarms earlier.

“Nobody expected inflation to be this strong,” Powell said during a Wednesday event at the Brookings Institute.

“How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?” former Obama administration official Steven Rattner wrote in a Nov. 16, 2021 op-ed in The New York Times. “They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me.” (RELATED: 93% Of Voters Concerned With Inflation, According To Poll)

The @federalreserve‘s Jerome Powell on the most predictable inflation crisis in human history: “Nobody expected inflation to be this strong” pic.twitter.com/qV8Q06QWtb

“I spent an early part of my career as a reporter at The New York Times, chronicling the rampant inflation that scarred the economy in the 1970s and the Federal Reserve’s struggle to contain it,” Rattner wrote. “So far, the wary eye that I have kept on prices for four decades has been unnecessary. But now, with Congress poised to approve an additional $1.9 trillion in spending through the American Rescue Plan Act, I’m worrying again.”

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The @federalreserve‘s Jerome Powell on the most predictable inflation crisis in human history: “Nobody expected inflation to be this strong” pic.twitter.com/qV8Q06QWtb

— Tom Elliott (@tomselliott) November 30, 2022

Pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless. Doing it while going well beyond one campaign promise ($10K of student loan relief) and breaking another (all proposals paid for) is even worse.

— Jason Furman (@jasonfurman) August 24, 2022