Revealed: Biden Admin Was Warned by Multiple Experts About Incoming Inflation, Made It Worse Against Advice
By Brandon Morse | Nov 17, 2021 2:00 PM ET
A lot of problems in America are spinning out of control but one thing that will be among the heaviest things dragging the Biden administration and the Democrat Party below the waves during the midterms is the rapidly inflating economy. Now we see that according to one former Obama economic aide, the Biden administration was warned that inflation would greatly worsen but they didn’t heed the warning in the least and, instead, made moves that only made it worse.
According to Fox News, Steven Rattner, a former economic adviser to President Barack Obama, wrote a guest essay for the New York Times where he revealed that he and a myriad of other economic experts warned the Democrats about inflation to no avail. Rattner served as counselor to the then-Treasury Secretary.
“How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?” asked Rattner.
The former aide traced the beginning of the problem back to the “American Rescue Plan” which had no funding but threw $1.9 trillion in the wrong direction.
“The original sin was the $1.9 trillion American Rescue Plan, passed in March. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment,” he wrote. “That has contributed materially to today’s inflation levels.”
“They can’t say they weren’t warned — notably by Larry Summers, a former Treasury secretary and my former boss in the Obama administration, and less notably by many others, including me. We worried that shoveling an unprecedented amount of spending into an economy already on the road to recovery would mean too much money chasing too few goods,” Rattner added.
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https://redstate.com/brandon_morse/2021/11/17/revealed-biden-admin-was-warned-by-multiple-experts-about-incoming-inflation-made-it-worse-against-advice-n477431
