Sen. Bernie Sanders gives a scathing four word response to Kevin Hasset's inflation/oil prices claim
Democratic Senator Bernie Sanders was left in disbelief after hearing Director of the National Economic Council, Kevin Hassett's claim of inflation going down to zero once the global oil prices settle down. Appearing in an interview on MS Now, the Vermont Senator's first reaction was a four-word remark, "God help us all". Sanders refused to accept the rosy narrative of President Donald Trump's top economic aide, as he explained that the whole crisis in the Middle East will have a lasting impact on both the U.S. and the global economy.
On Tuesday, in an interview with CNBC, Hassett claimed that if the Iran war energy crisis "resolves itself somehow," inflation levels in the U.S. could drop dramatically. "The Consumer Price Index, it rounded up to 0.2%, but it was actually in the 0.1% range — so when you’ve got that, plus imagine if oil prices start going back down because the situation resolves itself somehow, then you could be looking at inflation close to zero," Hassett said, adding that it was something that the Federal Reserve needs to think about while deliberating on rate cuts.
In a subsequent interview on MS Now, host Chris Hayes played a clip of Hassett's comment for Sanders, asking him share his take. “This is his [Trump’s] economic adviser, God help us all," the Vermont Senator remarked as soon as the clip ended. He then went on to explain that it wasn't just about the strikes in Iran, but Israeli President Benjamin Netanyahu's wars in Gaza, the West Bank, and Lebanon have been "grossly destructive," impacting billions of people across the globe.
Sanders went on to note that a large percentage of people in America live paycheck-to-paycheck, and they are having to deal with gas prices that are over $4, or higher. "And that means less money for food, less money to be able to pay the rent," Sanders said. He added that even Republicans were losing faith, as Trump had promised during his campaign that the U.S. would not get into another forever war under his leadership. "This guy who said he was going to bring down prices, control inflation, and what do we have now?’ You got an endless war, which, by the way, may end up costing us a trillion dollars," he noted.
He further criticized the president for his comments on cutting back spending on healthcare and child care to pay for the war. "And, you know, now we have an affordability crisis magnified because of the war. So that is why I think you’re seeing people all over this country are saying, ‘Hey, what world is President Trump living in?’” Sanders questioned.
The concerns of the Democratic leader seem to be of substance, as the International Energy Agency said Tuesday that “demand destruction” has begun to unfold as the acute energy commodity shortages have caused countries to cut back on consumption. The agency reported that countries in Asia, Europe, and even in parts of the Middle East that depend on supplies passing through the Strait of Hormuz have implemented policies to reduce overall fuel use. Meanwhile, in the U.S., the American Automobile Association reported the national average gas price at around $4.093, with prices going up to $5.864 in some states.
