Dir. Hassett: Prices Are High in the Sense That Inflation Went Up About 20% Under Joe Biden

RUSH EXCERPT:
HASSETT: "Oh, prices are high in the sense that inflation went up about 20% under Joe Biden. And the inflation rate has gone way, way down. If we look at the three month moving average of the pce data that came this week, that core inflation is running now at 2%, which is the Fed‘s target. And top line inflation is at 1% because food prices and gasoline prices are dropping faster than everything else. And so we‘re making progress. But in the end, the way that we make up the Biden inflation for folks is we give them income growth and the income growth is coming. You mentioned the hourly wage. You know, we just got great census data, big reductions in poverty. But also, if you look at the weekly wage, those numbers are really promising because we gave no tax on overtime, no tax on tips. And so a lot of middle class workers are working longer weeks and making more money and not being taxed while they do that."