“We need to accept that there will be some pain in the process,” says Davos speaker.
QUICK FACTS:
- The World Economic Forum is holding its ‘Annual Meeting 2022’ in Davos, Switzerland May 22–26.
- During one of the meeting discussions, Norwegian finance CEO Kjerstin Braathen described the current global energy upheaval as a “transition” while predicting mass shortages and economic hardship and claiming the “pain” is “worth it,” Summit News reports.
- At one point, Braathen indicated that average citizens would experience financial pain not necessarily on accident but because of the WEF’s “need” to bring about their desired energy outcome.
- “We need to accept that there will be some pain in the process,” she said. “The pace that we need will open up for missteps.”
BIDEN ALSO CALLS CURRENT ECONOMIC CRISIS A “TRANSITION”:
- “When it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” said Joe Biden on Monday during a press conference in Japan following his meeting with Prime Minister Fumio Kishida.
- Biden was quickly criticized as “out of touch as ever” for seemingly celebrating record-high gas prices Monday as a necessary step to bring the U.S. economy away from fossil fuels.
BACKGROUND:
- U.S. inflation recently hit a 40-year-high of 9%.
- The national average for a gallon of gas was $4.56 as of Monday, according to AAA. Several states are even seeing an average cost of more than $5, California’s average cost sitting just above $6.
- Joe Biden on Monday also admitted that the U.S. economy has “problems” and that it will be “a haul” before Americans see relief from inflation and soaring prices.
