Biden Trips on Air Force One Again; Yellen Admits $1.9T “Certainly” Increased Deficit; Gas Approaching $5 National Average; Economy Is 48% of Voter Concern

On 6/8/2022, Biden tripped while boarding Air Force One — again — as gas prices neared $5 for the national average with 16 states already above that mark. Yellen admitted the American Rescue Plan “certainly” increased the deficit by $517 billion more than CBO had projected, and a senator confronted her with a USA Today headline: “White House Waved Off Economists’ Warnings.” CNN polling showed the economy was 48% of voters’ top concern heading into the midterms, with 51% of registered voters trusting Republicans more on the economy versus just 31% for Democrats.

Biden Trips Again

Biden stumbled while boarding Air Force One, the latest in a series of physical incidents that had become a recurring feature of his presidency. “The president did have a slight trip there as he’s boarding Air Force One again,” a reporter noted. Biden was heading to the Summit of the Americas, where multiple Latin American leaders had refused to attend.

Yellen: ARP “Certainly” Added to Deficit

A senator pressed Yellen on the fiscal impact of the $1.9 trillion American Rescue Plan. “The deficit last year ended up $517 billion more than what the Congressional Budget Office informed us it would be prior to passage of the $2 trillion American Rescue Plan,” the senator said.

“Certainly the Rescue Plan—” Yellen began, effectively conceding the point. The admission contradicted months of White House claims that the ARP was deficit-neutral or deficit-reducing.

The senator then held up the previous day’s USA Today front page. “Yesterday’s headline: ‘Small Risk of Inflation Swelled to a Global Threat.’ Underneath: ‘White House waved off economists’ warnings,’” the senator read. “They quote you from ABC, March 2021: ‘Is there a risk of inflation?’ You responded: ‘I think there’s a small risk. I think it’s manageable.’”

“Given that, it makes me wonder why Americans should put any confidence in your pronouncements and decisions and recommendations today,” the senator said.

$5 Gas — “Not If but When”

Gas was at $4.95 nationally with 16 states above $5. “It is now a question of not if but when gas prices top $5 for the national average,” a reporter said. “One year ago that average was around $3.”

The five most expensive states were in the West. Even the cheapest region — the Southeast — had no state under $4.50.

Economy: 48% of Voter Concern

A CNN analyst broke down the midterm landscape. “The economy is the number one issue — if you add up inflation, gas prices, and the economy as a whole, it’s 48%. It far outruns anything else,” the analyst said. “6% immigration. The economy is going to dictate voting patterns this fall.”

“In our last CNN poll, we asked registered voters who they’re closer to on the economy: 51% said Republicans, just 31% said Democrats,” the analyst continued. “Republicans are really liking this because they’re blaming the incumbent party.”

ESG and Fossil Fuel “Chill”

A reporter pressed Yellen on the administration’s anti-fossil-fuel messaging. “You don’t think that ESG, or the defund projects, or the chill that’s been cast on the fossil fuel industry — you don’t think that’s had any effect on production?” the reporter asked. “That was the stated intention. Ro Khanna at one point said, ‘Look how much they’ve cut back on fossil fuel production in Europe. Why can’t we get the same type of cuts here?’”

“It just seems like now the leftists are in denial that there’s been any pressure to leave fossil fuels in the ground,” the reporter said.

Summit of the Americas Fractures

The Summit of the Americas in Los Angeles was marred by boycotts. “The Summit has been held since 1994. The goal was to knit together the region. What you’re seeing now is a fracturing,” an analyst said. “China’s growing influence in the region. The U.S. struggling to just get leaders to show up.”

Yellen: “OK to Raise Taxes”

When asked whether it was “prudent fiscal policy to increase taxes or engage in more stimulus spending with an economy facing the prospects of stagflation,” Yellen defended the approach. “Asking high-income taxpayers and corporations to pay their fair share is the right way to finance those investments,” she said.

A senator responded bluntly: “What I heard you say is that it is OK to raise taxes right now and it is proper to have more stimulus spending. I disagree with you on that.”

Key Takeaways

Biden tripped boarding Air Force One — again — as he headed to a Summit of the Americas that multiple leaders boycotted.
Yellen admitted the American Rescue Plan “certainly” increased the deficit by $517 billion beyond CBO projections; a senator cited USA Today’s headline: “White House Waved Off Economists’ Warnings.”
Gas was at $4.95 nationally with 16 states above $5; analysts said $5 nationally was “not if but when.”
CNN polling showed the economy was 48% of voters’ top concern, with 51% trusting Republicans on the economy vs. 31% for Democrats.
Yellen defended raising taxes and spending during stagflation; a senator said “I disagree with you on that.”

Transcript Highlights

The following is transcribed from the video audio (unverified — AI-generated from audio).

The president did have a slight trip there as he’s boarding Air Force One again.
The deficit was $517 billion more than CBO said. Certainly the Rescue Plan—
Yesterday’s USA Today: “Small risk of inflation swelled to a global threat. White House waved off economists’ warnings.”
It is now a question of not if but when gas prices top $5 nationally. One year ago it was $3.
The economy is 48% of voter concern. 51% trust Republicans, 31% Democrats.
It seems like the leftists are in denial that there’s been any pressure to leave fossil fuels in the ground.

Full transcript: 973 words transcribed via Whisper AI.