Former counselor to the Treasury Secretary Steve Rattner says President Joe Biden’s $1.9 trillion American Rescue Plan Act of 2021 was a major contributor to the current inflation Americans are now experiencing.
Rattner served under former President Barack Obama, so he’s not a Republican partisan hack or anything, and even he is able to recognize that the massive spending and direct stimulus payments to the American people are largely responsible for the current spike in prices.
“The American Rescue Plan,” Rattner stated. “The $1,400 tax, the $2 trillion that you and I have talked about a lot that’s on the sidelines, half of that’s government money that we gave people to spend, and now they’re trying to spend it, so you get inflation.”
Rattner also said the Fed “completely blew it in a way I haven’t seen in 40 years from the Fed” and that Putin’s actions in invading Ukraine also impacted inflation and made it worse.
Democrats including Biden should have known better before pushing through trillions more in spending that wasn’t really needed, but now we are all paying the price for their incompetence.
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