Inflation Reduction Act celebration ‘not because we had solved inflation:’ Sperling

Biden administration senior economic adviser Gene Sperling joined Martha MacCallum Friday to defend the White House’s Inflation Reduction Act celebration on “The Story.”

GENE SPERLING: I do want to be clear, and this is my view any time I talk about the economy. You should have–we should, of course, have a balanced view. We should all take a balanced view. 

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This has been a tough few years for the U.S. and the global economy. We’ve been through COVID, we’ve been through the variants, we’ve been through global inflation, we’ve been through the energy impacts of this war in Ukraine. 

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So there is no question there has been uncertainty. There has been in this economy and there have been both strong elements like job growth, like lower unemployment, and there have been tough things like the higher food prices that families still face.

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The celebration at the White House–was it not about that, that we had solved inflation? Of course not. Yes, you’ve had two months when it’s been flat. Yes. It’s headline inflation’s comedown. Yes. The PPI, the producer price index came down again, but it is still way too high.

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