As inflation continues to skyrocket and amid huge banking collapses, the White House press secretary declared Wednesday that the Biden administration “sees a strong economy.”

CBC’s Caitlin Huey-Burns asked Karine Jean-Pierre about Joe Biden’s support for Federal Reserve Chairman Jerome Powell and what the Fed is doing to attempt to reduce inflation. 

“We understand what the American people are feeling, that is why we have made it a priority to do everything that we can to lower costs for Americans,” Jean-Pierre responded.

Then came the kicker.

“We do not see a recession or pre-recession. We see a strong economy and it’s because of the work that this president has done,” Jean-Pierre declared.

WH press sec: "We do not see a recession or pre-recession. We see a strong economy and it's because of the work that this president has done." pic.twitter.com/ulBLiAcYRQ

— The Post Millennial (@TPostMillennial) March 22, 2023

You don’t see it or there isn’t a recession?

Strange choice of words.

Keep saying it and it might become reality:

Karine Jean-Pierre: "When we look at how strong the economy is, it's because of the president's work" 🥴 pic.twitter.com/nm7lcn3I4H

— RNC Research (@RNCResearch) March 22, 2023

When asked if there will be an economic downturn owing to two giant bank collapses, KJP had no answer, other than to quote the Fed chairman saying the economy is sound:

Karine Jean-Pierre is unable to say if Americans should expect "an economic slowdown" after the second- and third-largest bank collapses in American history pic.twitter.com/xJynt6XP4h

— RNC Research (@RNCResearch) March 22, 2023

Powell claims that rampant money printing isn’t driving inflation:

The @federalreserve's Powell on runaway fiscal spending that the Fed financed through money printing: "Actually not what's driving inflation" pic.twitter.com/kcciVXQHmm

— Tom Elliott (@tomselliott) March 22, 2023

The biggest lie the @federalreserve tells is that 2% inflation is somehow in everyone's interests. It's an undeclared, regressive tax that from an unaccountable agency. Americans suffer while politicians prosper. https://t.co/z2EIIA2Uuu

— Tom Elliott (@tomselliott) March 22, 2023

Treasury Secretary Janet Yellen claims that just growing debt forever is sustainable:

.@SecYellen says Biden taking debt to 109 percent of GDP is "sustainable"; is unable to cite a level at which our inexorably growing debt will no longer be "sustainable" pic.twitter.com/DMKHuOQRsL

— Tom Elliott (@tomselliott) March 22, 2023

Are they wilfully ignorant or just flat out lying?

"The U.S. banking system remains sound" — @SecYellen https://t.co/OvIyb5IgYA

— Tom Elliott (@tomselliott) March 21, 2023

Distressed Debt Soars By 29%, Or $66 Billion, In One Week Amid Surge In Bankruptcies https://t.co/fjzzAfL47Q

— zerohedge (@zerohedge) March 23, 2023

If only there were signs pic.twitter.com/6cABiTpxzd

— zerohedge (@zerohedge) March 23, 2023

"We Are Headed For Another Train Wreck": Bill Ackman Blames Janet Yellen For Restarting The Bank Run https://t.co/N1hbI1QPNM

— zerohedge (@zerohedge) March 23, 2023

JPM: "$1.1 Trillion Has Exited The Most Vulnerable Banks" https://t.co/dfIEONwwbB

— zerohedge (@zerohedge) March 22, 2023

Umm … the banks are melting

— Elon Musk (@elonmusk) March 23, 2023

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The world’s richest man Elon Musk has responded to a tweet sent out by Joe Biden calling for higher taxes for billionaires, noting that he’s paid more tax than any human ever in the history of the planet.

Biden sent out the following tweet calling on rich people to “pay your fair share,” along with a claim that the average tax billionaires pay is three percent.

Look, I think you should be able to be a billionaire if you can earn it, but just pay your fair share.

I think you ought to pay a minimum tax of 25%.

It’s about basic fairness. pic.twitter.com/oHgreYCdUz

— President Biden (@POTUS) March 18, 2023

Musk responded, noting that he paid a whopping 53 percent tax on Tesla stock options at both the state and federal level, and that he paid more taxes than any person on Earth in 2021 ($11 billion) and will do so again for the 2022 fiscal year.

Musk also called for a fact check on Biden’s three percent claim.

I paid 53% taxes on my Tesla stock options (40% Federal & 13% state), so I must be lifting the average!

I also paid more income tax than anyone ever in the history of Earth for 2021 and will do that again in 2022.@CommunityNotes, is the 3% number cited above accurate?

— Elon Musk (@elonmusk) March 18, 2023

Musk’s call led to the following correction from the Tax Foundation being added to Biden’s tweet, showing how Biden is either just flat wrong or lying:

Others chimed in on Musk’s comments:

Don't disturb the narrative with facts

— CTO Larsson (@ctoLarsson) March 19, 2023

The country would be much better off if you were able to keep that money, and were able to invest it productively, rather than turning it over to government to blow it on consumption. Our nation will suffer a lower standard of living as a result.

— Peter Schiff (@PeterSchiff) March 19, 2023

Correct, its horrifying to see what they waste our money on. They burn it, they send it to Ukraine launder and spread to their friends and back to themselves.

— Myamoto Musashi (@M3yamotoMusashi) March 20, 2023

Imagine how much better the world would be if instead of Elon Musk paying millions in taxes, he could invest those millions in new technologies (and of course the colony on Mars).

— Nick Flor 🥋+🇺🇸 (@ProfessorF) March 19, 2023

They can’t even manage their own spend and they expect billionaires to cover it. Even if you taxed billionaires 100% it wouldn’t stop our fundamental issues.

— Tesla Owners Silicon Valley (@teslaownersSV) March 18, 2023

While others had some choice responses for Biden:

How much tax did you pay on the 10% 🤨

— Yanky (@Yanky_Pollak) March 19, 2023

Does that include the money you sold us out for to Ukraine and the CCP?

— Lori Mills (@LoriMills4CA42) March 19, 2023

The claim that billionaires pay only 3% taxes is highly deceptive. It's based on counting unrealized capital gains as income–which they're not. Look–we can have a debate about how much to tax people, but let's keep the debate honest.

— Michael Isenberg (@TheMikeIsenberg) March 18, 2023

Except most billionaires are employing hundreds if not thousands. They're contributing to the growth and sustainability of society. They should be incentivized for that, not punished.

There should be a flat tax for all citizens, regardless of income. That is true equality.

— Joel Bodker (@Joelbodker) March 18, 2023

Stop laundering billions of our tax dollars to Ukraine and give us back the 10% you got from it big guy 🖕

— Real Phil Jones ™🦅🇺🇸 (@RealPJones) March 18, 2023

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Bankers at the London branch of Silicon Valley Bank reportedly received tens of millions of dollars in bonuses just days after the Bank of England orchestrated a rescue package that led to Europe’s largest lender, HSBC, buying the failed bank’s subsidary for just £1, Sky News reports.

Sources described the bonus pool as “modest”, and said it totalled between £15m and £20m.

It was unclear on Saturday how much had been awarded to Erin Platts, the UK bank’s chief executive or her senior colleagues.

One insider said the bonus payments were a signal of HSBC’s confidence in the talent base at its new subsidiary and that the buyer had been keen to honour previously agreed payments in order to help retain key staff. –Sky

Israeli Banks Transferred $1 Billion Out of SVB Before Collapse

What’s more, bonuses were reportedly doled out to US staff just hours before the Santa Clara, California-based bank collapsed. The bank was taken into FDIC ownership, while SVB Financial Group has filed for Chapter 11 bankruptcy protection as it looks to find buyers for their remaining assets.

The UK arm of (formerly) SVB employs around 700 people. The London branch’s ‘guided demolition’ was coordinated with UK Prime Minister Rishi Sunak, who played a pivotal role in an emergency auction that drew interest from several challenger banks, including the Bank of London and Oaknorth.

According to insiders, if HSBC hadn’t stepped up, the bonuses wouldn’t have been paid, while another insider pointed out that stock held by senior executives and other employees had been rendered worthless amid the implosion.

“The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs,” said chancellor Jeremy Hunt. “We have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.”

“[This] ensures customer deposits are protected and can bank as normal, with no taxpayer support.”

The government had been lobbied intensively last weekend by hundreds of tech entrepreneurs about the parlous state of SVB UK.

They warned of “an existential threat to the UK tech sector”, adding: “The Bank of England’s assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future.”

The founders warned Mr Hunt that the collapse of SVB UK would “cripple the sector and set the ecosystem back 20 years”. -Sky

“Many businesses will be sent into involuntary liquidation overnight,” were SVB UK not rescued, wrote the entrepreneurs.

This post was originally published at Zero Hedge