Fed Reserve Chairman, Pelosi clashes with the US economy

The Federal Reserve Chairman gave a glowing assessment of the US economy – only for House Speaker Nancy Pelosi to immediately throw cold water on the assessment.

“What we are seeing now is really an economy that appears to be at a tipping point,” Chairman Jerome Powell said in an excerpt from a “60 Minutes” interview on CBS News “Face the Nation” Sunday.

“And that’s because of the widespread vaccination and strong fiscal support, strong monetary policy support. We feel like we are in a place where the economy is about to grow much faster and job creation is coming in much faster, ”Powell continued in the excerpt.

He warned that the biggest risk to the economy is if COVID-19 cases start to rise again as people stop wearing masks and keep safe social distances.

Pelosi was then asked why President Biden is pushing to spend more money when the economy is already in good shape, as Powell suggested.

US House Speaker Nancy Pelosi
Speaker Pelosi said the US must tackle the spread of COVID-19 before the economy can grow.
Bloomberg via Getty Images

She insisted that Powell’s assessment was not as rosy as it sounded.

If you listen very carefully to what he said, we are in fact in a place where we will begin to see. We will begin to see. And then he also warns of an increase in the virus, ”Pelosi said later Face the Nation.

‘If we want to grow the economy with confidence, we have to fight the virus. They are certainly related, ”said the California Democrat.

Federal Reserve Chairman Jerome Powell
Jerome Powell warned that the biggest risk to the economy would be a spate of COVID-19 cases.
REUTERS

So ‘beginning to see’ recovery in our economy is very different from what Mitch McConnell said: the economy is booming. No. Start to see. “

Pelosi argued that seeing Americans gather in a crowd without wearing masks is not a “positive sign” that the country could “crush the virus.”

McConnell (R-Ky.) Has said President Biden’s nearly $ 2 trillion infrastructure package will not be supported by Senate Republicans, arguing that it is a “Trojan horse” for Democratic and progressive initiatives.

US House Speaker Nancy Pelosi
Speaker Pelosi insisted that the Federal Reserve Chairman’s assessment of the economy was incorrect.
MediaPunch / BACKGRID

He also opposes Biden’s proposal to increase the corporate tax rate to pay for it.
And McConnell said the economy is already showing signs of life and needs no support from the federal government.

“The economy is coming back, people are being vaccinated: we are coming,” he said last month. ‘We are about to have a boom. And if we’re on a boom, that has absolutely nothing to do with this $ 1.9 trillion. “

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