Biden Economic Advisor Says They Know Record Inflation A ‘Struggle’ But Expect Factors Behind it ‘Will Work Themselves Out’

White House economic advisors are continuing to put a positive spin on the state of the economy amidst record-high inflation and a report this week that the Conference Board’s consumer confidence index has slipped for the third consecutive month.

Economic advisor Cecilia Rouse, who is the chair of the Council of Economic Advisors, claimed in a Tuesday interview that inflation and other financial hardships Americans are facing will “work themselves out” despite people not seeing many practical results in their daily costs.

“There’s no question these are challenging economic times,” Rouse told MSNBC’s Yasmin Vossoughian in response to the report on dipping consumer confidence, quickly bringing up the Covid-19 pandemic and Russia’s invasion of Ukraine as the main factors disrupting global markets.

Rouse still had plenty positive to say about the economy, just not about inflation.

“We’ve got a strong labor market. That’s why household balance sheets — I know that they’re struggling, I know inflation is a problem, but balance sheets even addressing inflation are higher than they were at the beginning of the pandemic. We see business spending and investment continue. We have a buffer for the Fed to raise interest rates. They will be trying to cool down the economy,” Rouse said, adding we are already seeing “signs of cooling.”

Vossoughian pushed Rouse on a timeframe for when consumers will actually see food and gas prices significantly drop, to which Rouse argued President Joe Biden is trying to get more oil into the market to curb gas prices and the same strategy is being applied to the food market. Rouse said, however, she expects these “factors” to “work themselves out.”

“He’s working to get more product on the market. That’s how prices come down. The war in Ukraine is a challenge. We’re trying to address food supplies so, again, we can bring down the global prices there,” Rouse said. “So we all expect that these factors will work themselves out. I appreciate that we want it to be sooner than later, but we are already seeing signs that the Federal Reserve’s monetary policy making is starting to slow down the economy.”

Watch above via MSNBC