The chairman of the Federal Reserve offered a brilliant assessment of the US economy – only for House Speaker Nancy Pelosi to immediately throw cold water on the assessment.
“What we see now is really an economy that seems to be in a turning point,” President Jerome Powell said in an excerpt from a 60-minute interview with CBS News on Sunday. Nation ”.
“And this is because of large-scale vaccination and strong fiscal support, strong monetary policy support. We feel that we are in a place where the economy is about to start to grow much faster and create jobs 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 if people no longer wear masks and maintain safe social distances.
Pelosi was later asked why President Biden is pressuring him to spend more money if the economy is already in good shape, as Powell suggested.
She insisted that Powell’s assessment was not as rosy as it sounded.
“In fact, if you listen very carefully to what he said, we are in a place where we will begin to see. We’ll start seeing. And then it warns against the growth of the virus “, said Pelosi later “Face the Nation.”
“If we are to grow the economy with confidence, we must crush the virus. They’re definitely related, “said the California Democrat.
“So the ‘start to see’ recovery in our economy is quite different from what Mitch McConnell used to say: the economy is taking off like a rocket. Not. You start to see. ”
Pelosi said seeing Americans gathering in crowds 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 would not be supported by Senate Republicans, arguing that it is a “Trojan horse” for democratic and progressive initiatives.
He also opposes Biden’s proposal to raise the corporate tax rate to pay for it.
And McConnell said the economy is already showing signs of life and does not need a boost from the federal government.
“The economy is coming back, people are getting vaccinated: we are about to get out of this,” he said last month. “We are on the verge of a boom. And if we have a boom, it will have absolutely nothing to do with this $ 1.9 trillion. ”