US Federal Reserve Chairman and Pelosi take on the US economy

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The Federal Reserve Chairman offered 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 an inflection point,” President Jerome Powell said in an excerpt from a “60 minute” interview that aired Sunday on CBS News’ “Face the Nation”. .

“And this is due to widespread vaccination and strong fiscal support, strong support for monetary policy. We feel like we’re in a place where the economy is about to start growing a lot faster and job creation is happening a lot faster, ”Powell continued in the snippet.

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

Pelosi was then asked why President Biden was pushing to spend more money if the economy was already healthy, as Powell suggested.

Speaker of the United States House, Nancy Pelosi
President Pelosi has said the United States 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 looked.

“In fact, if you listen very carefully to what he said, we are at a place where we are going to start to see. We will start to see. And then he also warns of an increase in the virus, ”Pelosi said later. “Face the nation.”

“If we are to grow the economy with confidence, we have to crush the virus. They are definitely linked, ”the California Democrat said.

Federal Reserve Chairman Jerome Powell
Jerome Powell has warned that the biggest risk to the economy would be an increase in COVID-19 cases.
REUTERS

“So ‘starting to see’ our economy picking up is quite different from what Mitch McConnell said: the economy is taking off like a rocket. No, start to see.

Pelosi argued that seeing Americans gathering in droves without wearing masks is not a “positive sign” that the country can “crush the virus”.

McConnell, (R-Ky.) Said President Biden’s nearly $ 2 trillion infrastructure package will not be backed by Republicans in the Senate, arguing it is a “Trojan horse For democratic and progressive initiatives.

Speaker of the United States House, Nancy Pelosi
President Pelosi insisted that the Federal Reserve Chairman’s assessment of the economy was not accurate.
MediaPunch / BACKGRID

He also opposes Biden’s proposal to raise the corporate tax rate to pay him off.
And McConnell said the economy is already showing signs of life and doesn’t need a boost from the federal government.

“The economy is coming back, people are getting vaccinated: we are on the verge of doing this,” he said last month. “We’re about to have a boom. And if we have a boom, it will have absolutely nothing to do with that $ 1.9 trillion. ”

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