Fed’s Mary Daly says she doesn’t feel inflation because ‘I’ve had enough’, adds ‘I don’t’ for others
The president of the San Francisco Federal Reserve is doing well in a period of high inflation, but she acknowledged that others weren’t so lucky.
President Mary Daly gave an interview to Reuters on Wednesday exploring the ongoing spike in inflation and its effects on low-income households.
Interviewer Lindsay Dunsmuir asked Daly if she was personally experiencing the negative effects of inflation on the US economy. Daly replied that she actually “didn’t feel the pain of inflation anymore”.
“I don’t feel the pain of inflation anymore,” Daly said in the Twitter interview. “I see the prices going up, but I have enough to be able to make substitutions.”
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Daly continued, “I’m not immune to rising gas prices, rising food prices; I sometimes balk at the price of things, but I don’t find myself in a space where I have to compromise, because I have enough.”
“Many, many Americans have had enough,” she added.
“But I regularly see – and I recognize how it feels – when you don’t have that situation. When you’re living so close to the limit of your income that rising prices actually force real trade-offs,” she continued.
Daly went on to give an example of people she thinks are being hurt by inflation, especially families who have to cut vacations.
“You might not be able to go on vacation. You might end up camping or having a staycation,” Daly said. “Or what you used to eat at the restaurant, you eat at your hotel because you can’t really afford to go there and have dinner at the restaurant once at the hotel. And I see everything that.”
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President Biden has reiterated that tackling soaring inflation is his top priority.
Biden has said he doesn’t believe the United States will enter a recession anytime soon, and his administration — including White House press secretary Karine Jean-Pierre and economic adviser Brian Deese — is denying now that the United States is in recession, despite high inflation.
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Biden said top priority of his administration was ‘taming price increases’ earlier this month after the Labor Department said inflation had climbed 9.1% in the past 12 months.
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The president also approved the Reducing Inflation Act, a bill that would increase tax revenue by $739 billion while attempting to reduce pharmaceutical prices and investing in a wide range of health programs. clean energy.
“This is the action the American people have been waiting for,” Biden said after Sen. Joe Manchin, DW.Va., announced the bill on Wednesday. “It solves the problems of today – high health care costs and global inflation – as well as investments in our energy security for the future.”