Ex-President Donald Trump’s bad temper is likely to reach a fever pitch, as his former Treasury Secretary Steve Mnuchin publicly admitted that the United States economy is seeing a “very strong” rebound from the COVID-19 pandemic, almost a year into the Biden administration.
Speaking with the Future Investment Initiative forum, Mnuchin discussed his concerns surrounding inflation in the US right now and warned that the price pressure we’re seeing across the country isn’t likely to let up any time soon. However, knowing what we know about Donald Trump and his garbage personality, the only tidbit he’s likely to grasp onto is Mnuchin’s perceived praise of the economy under Biden’s guidance.
“It is something that we are all going to have to deal with,” the former Treasury Secretary who now runs his own firm stated today.
Mnuchin went on to admit to the forum that the U.S. economy is seeing a “very strong” rebound from the pandemic’s economical destruction but noted that the sudden upswing in demand is resulting in excessive inflationary pressures.
* MNUCHIN SAYS U.S. ECONOMY IS NOW REBOUNDING VERY STRONGLY
— Carl Quintanilla (@carlquintanilla) October 27, 2021
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“Unfortunately we do see inflation,” he stated. “It is concerning and something that is going to continue on, and something that we are all going to have to deal with.”
In a different interview with Bloomberg Television, Mnuchin explained that inflation in the US was probably running around 4-5 percent, and would likely stabilize around 3.5 percent. “That’s still significant,” he stated.
“For a long time, the Federal Reserve was concerned it couldn’t get inflation up to 2%. But now, given the enormous amount of fiscal and monetary support, I am very concerned that we’re going to see higher interest rates and an impact on consumers.”
All in all, Mnuchin’s statement wasn’t all that praising of Biden’s economy. However, we know Trump well enough to know that he will likely perceive this as the slight of a lifetime.
Featured image via Political Tribune gallery