On Wednesday’s broadcast of CNN’s “OutFront,” University of Chicago Economics Professor and Chairman of the Council of Economic Advisers under former President Barack Obama Austan Goolsbee stated that he feels the supply chain issue and its upward pressure on prices will last for “several more months, at the very least.” And that he doesn’t think there’s anything the White House could have done to prevent these problems.
Host Erin Burnett asked, “How long does this supply issue last and continue driving consumer prices up?”
Goolsbee responded, “It feels like several more months, at the very least. Now, the thing — I think Matt’s description was exactly right. This is a private sector phenomenon and this is a worldwide phenomenon. There is not some obvious thing that the White House could do to just prevent these supply bottlenecks.”
He added that the duration of inflation is “definitely going to be months.” And “There is not something that they could have done to prevent inflation.”
Goolsbee further stated, “[T]he production is the key barrier here, that if you can’t get computer chips out of Asia, that they’re not producing them. You’re going to have a supply chain problem and that supply chain problem is going to go for several months.”
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