Illinois Democrat claims 'a little bit of inflation' is 'good thing' as prices surge

close

Video

83% of voters extremely concerned about inflation

Finance expert Dan Rocatto joins 'Fox & Friends First' to talk about inflation and the impact on the 2022 midterms, wealthy Americans leaving the country in large numbers

An Illinois Democrat claimed that economists are saying "a little bit of inflation" is a "good thing" as prices around the country surge.

Rep. Sean Casten, D-Ill., made the inflation claim while speaking at the Palatine Village, Illinois town hall on Saturday.

Casten claimed that, generally, economists agree that a small amount of inflation – the devaluation of the dollar through rising prices – is a boon to the economy.

FOX NEWS POLL: 83% WORRY ABOUT INFLATION, MAJORITY SAYS BENEFITS HURTING ECONOMY

"There's also, frankly, I think there’s a general consensus among economists that a little bit of inflation would actually be a good thing," the lawmaker added. "Because the Federal Reserve has a mandate to keep interest rates manageable but non-zero and inflation manageable but not excessive."

A recent Fox News poll revealed that 83% of Americans are "extremely" or "very" concerned about inflation, with inflation being a top level concern for both Democrats and Republicans.

Casten said the Federal Reserve has "cut interest rates" several times since the 2008 recession and "inflation didn’t go up."

"So then they had to keep trying to figure out ‘how do I make sure,’ because people would like to get a little bit more money next year, right? That’s inflation," Casten claimed. "How do you make sure that you’ve got, sort of, an acceptable level of inflation?"

The Democrat congressman said the "result" was the Federal Reserve purchasing "trillions of dollars of government securities" to pump funds into the economy.

"So the Fed actually has a whole lot of very unconventional ammunition that they would love to unload but they can’t until they see inflation pick up a little bit," Casten claimed, calling the inflation the country is seeing "transitory inflation."

National Republican Congressional Committee (NRCC) spokesperson Mike Berg told Fox News in a Monday statement that it was odd to hear the congressman talk up Americans paying a higher price for goods and services across the board.

CLICK HERE TO GET THE FOX NEWS APP

"It is bizarre to hear Sean Casten praise the fact that Americans are paying higher prices for everyday goods and services," Berg said. "House Democrats are completely out of touch with middle-class Americans."

The country is currently seeing inflation rise as demand rises and supply chain issues abound.

Casten’s office did not immediately respond to Fox News’ request for comment.