Everyone was sounding the alarm!
Former economic adviser for President Obama, Steven Rattner, shocked the mainstream media when he openly attacked President Biden for making inflation skyrocket since taking office and wondered how Biden could have gotten it “so wrong”.
He didn’t stop there, he also reminded Democrats that he and other top economist sternly warned Biden about the exact thing happening however they refused to listen.
According to Fox News, Rattner who served as the counselor to the Treasury Secretary in the Obama administration asked, “How could an administration loaded with savvy political and economic hands have gotten this critical issue so wrong?“
Sadly, Republicans have been asking this very question from the very beginning however the mainstream media simply isn’t putting the pressure on Biden whatsoever.
“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,” Rattner explained. “That has contributed materially to today’s inflation levels.”
He then explained that they were warned but they still ruined the economy. “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 explained.