steve rattner is still with us, as well.e you all with us this morning. >>> joe, these hearings, i'm telling you, i was worried that americans were moving on and that they didn't care. i'm not seeing that. i'm hearing a lot of conversations. it doesn't just feel like video you've seen over and over again, that you become desensitized to. we are hearing why this was wrong to the very core. >> it seems we've been talking about things that matter greatly to the health of this democracy, to the resiliency of the united states constitution and, yet, it seems at times that most americans just are tuned out, don't seem to care as much, are understandably focused on the important things in their life, being able to pay their rent, being able to take care of their children, making sure that they can, you know, get through school. >> yeah. >> making sure that, you know, their family is doing better. so people haven't been as focused, and that is understandable, especially wave after wave of news. it's really bad. but americans have st

steve rattner, i look at the numbers.inst hope that the inflation would start to go down and ease a little bit. man, between the war, between china slowly starting to open up again, i mean, it only seems like demand is going to keep going higher, right? >> joe, we were all hoping the numbers would be better but they weren't. they were really disappointing. it's not just gasoline, although gasoline is a critical importance to americans and a sticker price you see every time you drive down the street, but it is unbelievably broad-based inflation and, as you say, it's not getting better. in the friday numbers that came out, you can see how widespread it was. the red being energy, 28% of the inflation. shelter, housing, is 21%. food was 17%. two-thirds of the inflation came from things that americans have to have, necessities of life. on the right, i put some just random categories, just to show you what some of the individual price increases have been over the past year. gas up 50%. airfare up almost 40%. eggs up over 30%. t

steve rattner with his world famous charts. steve, great to see you as always.g up, while florida governor ron desantis emerges as a top contender for the republican nomination for president in 2024, his democratic opponent for the race for governor in 2018 was just hit with a 21-count federal indictment. our legal panel breaks down the allegations against former tallahassee mayor, andrew gillum. that's next on "morning joe." gillum that's next on "morning joe. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. my asthma felt anything but normal. ♪♪ it was time for a nunormal with nucala. nucala is a once monthly add-on treatment for severe eosinophilic asthma that can mean less oral steroids. not for sudden breathing problems. allergic reactions can occur. get help right away for swelling of face, mouth, tongue, or trouble breathing. infections that can cause shingles have occurred. don't stop steroids unless

we know that obama officials larry summers, steve rattner, jason furman even said, san francisco fed massive 6 trillion spending in two years, fed money printing did trigger inflation. what do you say? >> yeah. i think the transition they're talking about is also from fossil fuels, green energy and i think it is very, very misleading. the whole reason we have a climate policy period is because green energy is more costly than fossil fuels. if it wasn't, we wouldn't need to have a climate policy. everyone would go to green energy. the market would adopt it much quicker than any government trying to push us into a more costly energy source. they're pushing us into even costlier energy source than the costly fossil fuel on record right now. that is very, very worrisome. i think the white house doesn't even themselves believe in their energy policy because at the same time, they're regulating away the fossil fuel industry. they're asking ceos to basically to bo out and pump more. it is just, they're trying to raise and cut supply at the same time. elizabeth: tomas, here is the other issu

you just had steve rattner this week who said he overstimulated the economy during a pandemic puttingnomics 101. if you flood the joan with free money and the supply side can't keep up, you listed those empty jobs, the supply side can't find workers the result is shortages and inflation. it's not hard to figure out. it's hard to solve once you do it. >> bret: okay. i just want to break in for this breaking news that's just happening at this very moment. if we can get a graphic of that race. we are just getting word that david mccormick in pennsylvania has conceded that race to mehmet oz. remember that's the runoff, the recount that was happening in pennsylvania. oz was up some 900 votes heading into the recount. the g.o.p. senate nomination on the line in that race. mehmet oz will now win that as david mccormick is now conceding. he says it's now clear to me with the recount largely complete that we have a nominee. today i called mehmet oz to congratulate him on his victory. i told him what i always said i would do and that i would do my part to try to unite republicans and pennsylvan

you have steve rattner. a lot of other democrats saw it as well.ut janet yellen, the treasury secretary and even powell, chairman of the federal reserve, and that's supposed to be an independent body, janet yellen, of course, is tied to the administration, so she is putting the best face on things. but powell should have seen what larry surges and rattner and other democrats were seeing that it was simply impossible to avoid the inflation that was to come. instead they first denied it and called it transitory and now admit that it's up and a problem but blaming putin on it instead of their own actions. it's got to change. or americans are not only going to be facing higher prices but also a possible recession. which means their jobs could be at risk. >> bret: all right. wish we had better news. david, thank you. >> you got it. >> bret: a house panel investigating last year's capitol riot is focusing on what it calls the big lie. former president trump's insistence that the stolen 2020 election was stolen or that the 2020 election was stolen from hi

larry summers, jason furman, steve rattner, all obama era economists that don't do this, inflation willid it anyway. it surged, what she is say something ridiculous. she knows, she knows that the american rescue plan really drove inflation. saying anything to the contrary is just ridiculous at this point. elizabeth: andy, you bring up europe. your point is well-taken, europe is not seeing white hot inflation the u.s. is. yellen today is defending biden's policies, you know, basically she is saying that this was the price, inflation is the price you had to pay for you know, temporary downturn in the first quarter of 2021 t was down around 1%. but then, she basically saying, that we needed to do this spending and possibly quote, risk inflation after the democrat lockdowns destroyed 22 million jobs. what do you think of that? >> sure. that is just not true. it is just false. look, demand was way up. savings were way up, when biden became president. the problem was supply. the problem wasn't demand. the problem wasn't people having money. the problem was we didn't have enough goods. if you

steve rattner and others said they acted too late and now they have to do it this to crank the rates up. besides going to the oil companies and asking them to lower their gas prices and out of the white house, how are they dealing with the runaway inflation. >> one of the things i was just told by a white house official is that on this hike by the fed, for interest rates, they see this as something that is going to cool down and that it is -- cool down the economy and that is important for stab liblt. do you think that is a good thing, they wouldn't go that far. but they do say they see it as cooling the market, the housing market was the best example that she used it pumps the brakes just enough in hoping that the fed stops from right before we hit as was just said, hitting a recession or some kind of intense downturn. that is a tricky balance for the fed and the white house is stepping back and allowing the fed to do its thing. countries that do best in kind of economic issues and concerns like this are ones that allow the independent central bank to do what it needs to do. so they

joining us now former treasury official and "morning joe" economic analyst steve rattner. steve, i know you've got charts to get to. do you take anything out of that meeting, other than joe biden wanting to show it's the fed acting too slow for inflation? >> it's definitely that out there but also the president recognizing that inflation is probably the single biggest challenge democrats face in the fall elections and 2004. he's been behind on the issue and trying to get ahead of it this being inflation week at the white house. >> let's look at the charts, first one denting real consumption. what do you mean by that? >> what i mean by that, consumers have been spending quite actively, the line at the top, rate of spending up 15% from february 2020, right before the pandemic. but when you take inflation out, consumers are only spending at a rate of 6% which is still a decent number but you can see the dent that inflation take, real consumption, obviously implications for rate of growth for the economy if the actual real rate of growth drops below zero, then you're potentiall

there are democratic secretaries and advisers like steve rattner and larry summers who told you thatesident biden seems to be the last to understand that a lot of his beliefs are based on fiction and he never seems to adjust to reality. which i think is bizarre, if i could choose -- steal his word. >> steve: use his word, sure. meanwhile, let's talk a little bit about a story that we mentioned yesterday. yesterday we were talking about how a pro-life organization in des moines was vandalized by a group called jane's revenge. now it sound like jane's revenge is at it again. this time they are in south minneapolis at a place called minnesota citizens concerned for life. apparently as you can see right there, there was some spray painting. there was some have and riding. there were some windows broken. clearly they are trying to terrorize the people who work at that pro-life place because they feel that right around the corner and probably is right around the corner the supreme court is going to overturn roe v. wade. >> ainsley: i don't understand why you vandalize one of these centers?

. >> wake up the kids, because we've got steve rattner here. >> so excited. >> he's, of course, formerning joe" economic analysis. nothing goes better with your cheerios, kids, than news about charts showing a massive rise in oil prices, gas prices across america. so, steve, let's, first of all, let's just talk about the problem. show us the chart on gas prices shooting up. where are we right now? >> sure. as your correspondent said, gas prices have been going up pretty relentlessly. and you can see some of the specific numbers around what they were saying. in california, gas prices are already $6.37 and well above $5 in other places. and you can hear anecdotally, of people paying as much as $10 a gallon for it. but it's important to note, this is not just because of the war. this is not just because of what your correspondent called pent-up demand, pandemic demand. it is part of a long process that's been going on for a while. and you can see in the chart on the left, if you look at the red line of gas prices, that well before the war started, gas prices had begun climbing very, very