The Federal Reserve chairman offered a brilliant assessment of the U.S. economy, only for House Speaker Nancy Pelosi to immediately throw cold water on the assessment.
“What we’re seeing now is really an economy that seems to be at a turning point,” President Jerome Powell said in an excerpt from a “60-minute” interview that aired Sunday’s “Face the Nation.” from CBS News.
“And this is due to widespread vaccination and strong fiscal support, strong support for monetary policy. We feel we are in a place where the economy is about to start growing much faster and job creation will come much faster, ”Powell continued in the excerpt.
He warned that the biggest risk to the economy is if COVID-19 cases increase again if people stop wearing masks and maintain safe social distances.
Pelosi was later asked why President Biden is pushing to spend more money if the economy is already in good shape, as Powell suggested.
He insisted that Powell’s assessment was not as rosy as it seemed.
“In fact, if you listen very closely to what he said, we are in a place where we will begin to see. We will start to see. And then it also warns against an increase in the virus, ”Pelosi later said “Face the Nation.”
“If we’re going to grow the economy with confidence, we’re going to have to crush the virus. They’re definitely related,” the California Democrat said.
“So the recovery of our economy” begins to see “is very different from what Mitch McConnell said: the economy takes off like a rocket. No. It begins to see.”
Pelosi argued that seeing Americans gather among crowds without wearing masks is not a “positive sign” that the country can “crush the virus.”
McConnell, (R-Ky.), Has said President Biden’s nearly $ 2 trillion infrastructure package will not be backed by Senate Republicans, arguing it is a “Trojan horse” for democratic and progressive initiatives .
He also opposes Biden’s proposal to raise the corporate tax rate to pay 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 back, people are getting vaccinated: we’re on the way out,” 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 that $ 1.9 trillion. ”